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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8603 N 45th Avenue Glendale, AZ 85302

$469,900

4 Beds

2 Baths

2,460 SqFt

Status Active

MLS # 6620920

Property Type Single Family Residence

Price Type --

Step into your dream home with this stunning 4-bedroom, 2-bathroom gem. As you enter, you'll be greeted by freshly painted walls, both inside and out, giving the home a vibrant and inviting feel. The beautiful vinyl flooring throughout adds a touch of elegance to every space. Each room is equipped with brand new ceiling fans, providing a cool breeze on warm summer days. The spacious backyard, bordered by a sturdy block fence, offers the perfect sanctuary for relaxation and entertainment. Need extra storage? No problem! This home comes complete with 2 convenient storage sheds. Got toys? the RV gate provides easy access and parking options. Best of all, there are no HOA restrictions. Don't miss out on this incredible opportunity to make this house your home.

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306 W Rim View Road Payson, AZ 85541

$469,900

3 Beds

3.5 Baths

2,798 SqFt

Status Active

MLS # 6662934

Property Type Single Family Residence

Price Type --

Exceptional opportunity to own a beautifully renovated home perfect for families or investors. Numerous upgrades incl. fresh paint, new flooring, cabinets, fixtures, HVAC, etc. Conveniently located just a mile from Green Valley Park and Lakes this 3-bedroom property (with an optional 4th BR that can be used as a den) also features 3.5 baths. Versatile downstairs space for 2nd living area or game room. One master BR on main level, along w/kitchen and living room and basement too. Spectacular mountain and town views from balconies. Just 1.5 hrs. from the city, this home offers a peaceful escape while providing investment potential. Come see this gorgeous home to experience all its possibilities.

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19777 N 76th Street Scottsdale, AZ 85255

$469,900

3 Beds

2 Baths

1,438 SqFt

Status Active

MLS # 6665830

Property Type Apartment

Price Type --

Great community! Enjoy heated pools, work out center, movie theater, biking trails, etc! Lock and leave. This 3 bedroom condo is loaded with upgrades; beautiful crown moulding, eat-in kitchen with plenty of cabinet space. Spacious family room, very open and bright! Balcony complete with stunning mountain views.

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6534 W Desert Blossom Way Florence, AZ 85132

$469,900

3 Beds

3 Baths

2,593 SqFt

Status Active

MLS # 6681490

Property Type Single Family Residence

Price Type --

Pool is heated, guest suite, courtyard entry, fully paid solar.Beautiful French doors to the office/den. Large master suite with huge closet and custom shower. All tile except bedrooms. Kitchen has quartz countertops,staggered cabinets, walk-in pantry and an island. In the beautiful community of Anthem at Merrill Ranch with its 43,000 SF fitness center and water park. Home has North South exposure.

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17219 N 19th Run Phoenix, AZ 85022

$469,900

3 Beds

2.5 Baths

1,568 SqFt

Status Active

MLS # 6685710

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous 3 bedroom, 2.5 bathroom home in the desirable Desert Winds community! As you enter, a flood of natural light illuminates the open floor plan, perfect for entertaining guests. This spacious kitchen will be the heart of your parties, boasting granite counters, sleek appliances, and a breakfast bar overlooking the living room and dining room. Escape to the spacious primary bedroom complete with an enter-in closet and an en suite bathroom boasting double sinks. Relax on the covered patio and enjoy the fenced-in backyard. So Many upgrades!This beautiful home provides convenience to parks, schools, and more!

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1848 S 231st Avenue Buckeye, AZ 85326

$469,900

4 Beds

2.5 Baths

3,112 SqFt

Status Active

MLS # 6690177

Property Type Single Family Residence

Price Type --

Come and see this super spacious, beautiful home in Buckeye's popular Sundance community! Over 3100 square feet, 4 bedrooms plus flex room & loft space, 2.5 bathrooms sitting on a large lot with no neighbors to the south or behind the home! Light & bright eat in the kitchen w/ Island, updated cabinets, pantry and opening to the great room w/ sliding door access to the covered patio. Large primary suite boasts vaulted ceilings, en suite bath & walk in closet! Inside laundry including energy efficient Samsung washer/dryer, EV charger in the garage, ceiling fans, recessed lighting and more to see! Backyard is a blank canvas just waiting for you to create your own masterpiece!

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4846 S Ferric -- Mesa, AZ 85212

Open House

New

$469,900

3 Beds

2.5 Baths

1,564 SqFt

Status Active

MLS # 6703535

Property Type Single Family Residence

Price Type --

Looking for your dream home in Eastmark? You found it! Sitting on one of the largest lots in Element, this light and bright sun-kissed stunner is filled with upgrades the builder doesn't even offer. Apart from the bedrooms which come with upgraded comfy carpet, this house showcases beautiful low maintenance white oak floors everywhere. Yes, even the stairs! The kitchen features premium cabinets with under cabinet lighting, a Zellige tile backsplash, top of the line appliances, upgraded Quartz counters, and a super modern sink. The perfectly landscaped backyard complements the stylish interior and is waiting to welcome you home. Not just beautiful, but smart too, this house features many upgrades such as home automation that will make you love coming home. Come check it out today!

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21427 W Monte Vista Road Buckeye, AZ 85396

$469,850

3 Beds

2 Baths

1,843 SqFt

Status Active

MLS # 6702722

Property Type Single Family Residence

Price Type --

Welcome to this charming home in Sienna Hills with mountain views from the back patio!! Fully Owned Solar Panels! This home boasts 3 bedrooms, 2 bathrooms, and beautiful neutral tones throughout. As you enter the home you will appreciate the open layout with a dining room and great room. The kitchen has been beautifully upgraded featuring granite countertops, stainless steel appliances, recessed canned lighting, tile backsplash, refinished cabinets, a peninsula breakfast bar, and a center island with a breakfast bar! 18 feet of additional top and bottom cabinets were added to the kitchen wall along with granite countertops, you will love the additional cabinet and counter space! The garage was transformed into a stunning great room with fire suppression Air decks, insulation, and outlets done to code. The primary suite is spacious with a walk-in closet and an ensuite bathroom with a dual sink vanity! Bedrooms 2 and 3 are spotless and move-in ready! The laundry room is fitted with cabinets! The backyard is easy to care for with a covered patio complete with a fan, pull-down shades, and stunning mountain views that are easily admired through the wrought iron view fencing. This home is gorgeous, do not miss out! Sienna Hills is a beautiful community with a pool, clubhouse, and fitness center! Just a few miles to the Skyline Regional trails! Plus, close to the freeway for easy access to dining, shopping, and entertainment!

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14851 S 179th Avenue Goodyear, AZ 85338

$469,778

3 Beds

2 Baths

1,845 SqFt

Status Active

MLS # 6661915

Property Type Single Family Residence

Price Type --

Absolutely beautiful 3 bedroom 2 bathroom home on corner lot in the exclusive master planned community of Estrella Mountain at Vidrio. Step into this open concept home, entertaining kitchen with lots of counter space, walk in pantry and SS appliances. The 9ft ceilings and abundance of windows makes this home bright and spacious! The home has been designed by our professional design team. Come in today and see why this home really does stand apart from all the rest!! Gourmet kitchen with a separate gas cook top, and white quartz counter tops, 42 inch cabinets with decorative back splash. Primary bathroom has a large walk-in shower and large walk-in closet. Two guest bedrooms and a full bathroom complete the home. Builder is offering closing costs incentive to buy down interest rate

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27421 W Pontiac Drive Buckeye, AZ 85396

$469,700

2 Beds

2 Baths

1,625 SqFt

Status Active

MLS # 6617757

Property Type Single Family Residence

Price Type --

START LIVING THE DREAM! This Like New Hideaway Model Has It All! Enter the open concept, split floorplan w/wood plank like tile flooring, designer lighting features & custom window treatments througout. Inviting gathering space offers plenty of room for dining & entertaining. Chefs kitchen features upgraded cabinets, stylish quartz counters, SS appliances, walk-in pantry, island w/seating & pendant lighting. The master bedroom has a private bath w/quartz counters, dual sinks, vanity, walk-in, tile surround shower & large walk-in closet. Charming guest bedrrom w/adjacent bath. Den is perfect for office or hobbies. Extended Utility room has additional storage cabinets. Enjoy outdoor living on the expansive, paved patio overlooking this oversized, low maintenance private, walled backyard.

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14762 S Country Club Drive Arizona City, AZ 85123

$469,500

4 Beds

2.5 Baths

2,597 SqFt

Status Active

MLS # 6682192

Property Type Single Family Residence

Price Type --

LOOK NO FUTHER, BEAUTIFUL MOVE IN READY HOME IN ARIZON CITY. This 4 bedroom and 2.5 bath has 10 feet high ceiling with porcelain tile all through house. Wide open great room that flows into kitchen for an amazing open feel to the home. Spacious master bedroom with walk-in closet and double sink master bathroom.

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5418 S Equestrian Avenue Sierra Vista, AZ 85650

$469,500

3 Beds

2 Baths

2,852 SqFt

Status Active

MLS # 6653505

Property Type Single Family Residence

Price Type --

NO HOA. WHAT A DEAL!!! ASSUME THIS AMAZING LOW INTEREST RATE AT 2.25%!!! MUST BE A VETERAN TO ASSUME THE LOAN. This 3 bdrm, 2 bath, 2,852 SqFt, 1.24 acre home has everything you need!! It features: A large, remodeled kitchen w/upgraded appliances & light fixtures! Living room, large sized family room, large AZ room has 4 ceiling fans & a bar. A brand new Bosch dishwasher, new hot water heater & new upgraded ceiling fans. New, upgraded vinyl wood plank floors in LR & primary bdrm. New ''Safe-Step'' walk-in tub and shower, a New Bidet, ...... Two each AC, Evap Cooler, & F/P. Newly coated roof. Large, fenced back yard w/ 5 storage sheds (one can be used as a workshop). Horses ok. RV Gate and parking. Gorgeous Mountain Views, ready for you to occupy!!!!

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