What’s Ahead For Mortgage Rates This Week – October 11, 2016

Other than a release on construction spending, last week’s economic readings were dominated by labor and employment data including ADP Payrolls, Non-Farm Payrolls and National Unemployment. Weekly reports on mortgage rates and new jobless claims were also released.

Construction Spending Drops in August

Commerce Department readings on construction spending indicate that overall spending fell in August to -0.70 percent; this reading was lower than the expected positive reading of 0.10 percent. July’s reading showed a drop of 0.30 percent in overall construction spending. The decrease in August spending was largely the result of pull backs on public construction spending, which declined 2.0 percent after July’s decline of 3.50 percent in July. Public construction spending is 8.80 percent year-over-year., and August’s reading was the lowest since March 2014.

Private sector construction spending fell 0.30 percent in August. Residential construction fell by 0.20 percent within the private sector reading. Reasons for falling construction spending include impending winter weather and previously cited labor shortages. Shortages of available homes and high demand for homes are creating pressure on construction companies to build more homes.

Labor Reports: Job Growth Slows in Public and Private Sector

ADP reported 154,000 private sector jobs created in September against August’s reading of 175,000 new private-sector jobs. September’s reading showed the lowest growth rate since April. Analysts said that lower readings for job growth could be expected as job openings are filled.

According to the government’s Non-Farm Payrolls report for September, 156,000 new jobs were added, which fell short of downwardly-revised expectations of 170,000 new jobs added. Analysts said that a reading of 120,000 jobs added represented a healthy rate of jobs growth. As more workers return to or join the workforce, job openings can be expected to decrease. Healthy growth in jobs may signal the Fed to increase interest rates in December.

National unemployment rose from 4.90 percent to 5.00 percent in September; variances can be expected in month-to-month readings that are considered more volatile than quarterly or annual readings.

New jobless claims correlated to fewer job openings and fell to a reading of 248,000 new claims 256,000 new claims were expected based on the prior week’s reading of 254,000 new claims.

Mortgage Rates Nearly Unchanged

Average mortgage rates were unchanged with the expectation of a decrease of one basis point for 5/1 adjustable rate mortgages to 2.80 percent. Average rates for 30 and 15 year fixed rate mortgages were unchanged at 3.42 percent and 2.72 percent Discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

What’s Ahead

This week’s scheduled economic reports are few due to the Columbus Day holiday Monday. Along with weekly readings on mortgage rates and new jobless claims, reports on job openings and consumer sentiment will be released.

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3852 E Expedition Way Phoenix, AZ 85050

$1,964,000

7 Beds

6.5 Baths

6,850 SqFt

Status Active

MLS # 6702557

Property Type Single Family Residence

Price Type --

$135,000 Price Drop and another $30,000 in remodeling since listed! Rare Basement Mirador in Aviano, w/$225K+ of remodeling in 2023/2024 Incl. Kitchen Expansion, 2nd Flr Laundry, Tile, Master Suite, Upgraded Pavers, Added 2nd Garage Entrance w/Drop Zone. Dual Gone-With-The-Wind style staircases, 9, 10 & 20ft ceilings, dbl kitchen islands w/quartzite waterfall edge, stainless steel appliances, wine cooler & butler's pantry w/ 2nd sink, 2 add'l refrigerators & all-in-one W/D, office/den, 4 car garage, 1st floor in-law suite w/separate garage entry, heated pool, spa, nat. gas fireplace & built in BBQ. Movie theater, seats, and 98 & 82 in. smart TVs. Aviano Club/Community features heated resort pool/spa, fitness center, tennis, pickleball. greenspaces, walking trails and parks. EASY TO SEE.

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6032 E Thunder Hawk Road Cave Creek, AZ 85331

$1,960,000

4 Beds

3.5 Baths

4,105 SqFt

Status Active

MLS # 6764985

Property Type Single Family Residence

Price Type --

Newly listed in popular Lone Mountain gated community - Experience luxury living in this UPDATED Kingsgate model, featuring a rare four-car garage with an EV charging station + epoxy floors, and side yard with RV gate. The versatile layout offers ensuite guest bedrooms, bonus/den, and a stylish office. The split primary suite is a retreat, complete with a spa-inspired bath and custom closet. The chef's kitchen boasts dual ovens, newer JennAir 6-burner range, and two pantries. Enjoy seamless indoor/outdoor living with a 16-foot retractable glass wall leading to your nearly half-acre private backyard oasis, surrounded by lush landscaping. Relax in the heated pool, unwind in the spa, or entertain with the built-in BBQ, turf area, putting green, firepit, and pergola. Many Recent Upgrades!

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35348 N 87th Street Scottsdale, AZ 85266

$1,960,000

5 Beds

3.5 Baths

3,982 SqFt

Status Active

MLS # 6620672

Property Type Single Family Residence

Price Type --

Motivated sellers! Welcome to this luxurious listing in North Scottsdale! This small niche, gated community of 34 homes offers a feel of privacy & custom living. The neighbors are warm and friendly. This stunning 2019 ''smart'' contemporary 5 bedroom, 3.5 bathroom luxury features mountain views from multiple rooms.This luxury home is the last one built in this subdivision and features a split floor plan with the master and den on the north side of the home and secondary bedrooms on the south side of the home. Luxury is the name of the primary suite with first class oversized private room, shower and tub. The primary bathroom features dual flush options, floating cabinets with his and hers sinks. You will not be disappointed by the walk in closet. The primary suite has a private entry to the backyard. The second room in an ensuite with dual flush options. It has a brand new dedicated Mitsubishi AC unit and upgraded walk in shower with grab bars. The 3rd and 4th rooms feature a Jack and Jill bath with a spacious walk-in shower and dual flush options. There are walk in showers for all rooms with gorgeous finishes and tiled to the ceiling! Relish the meticulously maintained beautiful 8' real hardwood, a chef's dream kitchen with top of the line Thermador appliances (6 burner range, built in fridge and 70 bottle wine fridge), pot filler, water filtration with RO, soft close drawers/doors with under cabinet lightning, quartz counters with dramatic marble look island with waterfall edge. The kitchen has a walk in pantry with a breakfast area. Enjoy soaring ceilings in every room, with eclectic lighting and fans throughout the home. The home features a formal dining and a large open great room with fireplace. Impressive laundry room with a laundry sink and lots of cabinets for storage. The backyard is perfect for entertaining with lots of travertine pavers, a heated sparkling pool, heated/jetted hot tub, and built-in BBQ. The backyard sunset never gets old. You can control your front door, light switches, nest AC/heat, outdoor cameras, landscape irrigation, pool features and garage from your phone! 3 car garage features water filtration system, tankless water heater and EV charger. There is an additional 30 amp outlet for your RV or other electric toys. This luxury residence is waiting for you to call it home.

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8436 N Vía Linda -- Scottsdale, AZ 85258

$1,950,000

3 Beds

3.5 Baths

3,239 SqFt

Status Active

MLS # 6758809

Property Type Single Family Residence

Price Type --

Magical opportunity in McCormick Ranch. This 3,200 sq. ft. home is situated on the McCormick ranch golf course with unobstructed views of the course, Camelback Mountain and incredible sunsets. Three bedrooms, den and 3 baths are all generous in size and flow beautifully, Being close to dining, Salt River fields and Old Town Scottsdale makes this home the perfect landing spot.

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10040 W Camino De Oro -- Peoria, AZ 85383

$1,950,000

4 Beds

5 Baths

4,313 SqFt

Status Active

MLS # 6775810

Property Type Single Family Residence

Price Type --

Your DREAM home is here! Nestled on a HUGE 1.3-acre lot, highlighted by a manicured landscape & a paver circular driveway. The home exudes elegance throughout with a grand foyer, plantation shutters, wood-look tile flooring, designer paint, stylish light fixtures, archways, crown molding, and tall ceilings. You'll LOVE the separate living room with a planked ceiling, horizontal viga poles, stone accent walls, pre-wired surround sound, fireplace, & multi-sliding doors that merge the inside/outside activities! The chef's gourmet kitchen boasts granite counters, white shaker cabinetry, a sizable island, a dry bar w/wine cooler, and high-end SS appliances w/wall ovens. Separate casita with bathroom. RV garage with bar, workout room and bathroom. Owned solar with 2 backup batteries. The versatile den has built-ins, ready to be your office. Enter the lavish owner's suite to find French doors to the back and an ensuite with a barn door, a soaking tub, dual vanities, a tiled shower, & a walk-in closet. Two secondary bedrooms share a Jack & Jill bathroom. PLUS! You will also have a fully equipped guest suite with its own bath & entry, making it perfect for visitors. Beyond the interiors, the expansive backyard holds its own appeal! This space is beautifully designed for relaxing & entertaining, featuring a fireplace, built-in BBQ, lush lawn, and a sparkling pool for year-round enjoyment. The paver-covered patio will surely impress you, complete with an outdoor TV setup. But wait, there's MORE! For added convenience, this property comes with an attached 2-car garage, RV gate, and plenty of open parking space. You also have an oversized detached RV garage with multiple hookups & cabinetry, designed for toy storage and functionality. Between the bays is a 400 sqft air-conditioned entertainment bar area with a bathroom, creating the perfect setup for unwinding or workshop space. This property truly has it all! See it! Love it! Live it!

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4678 N Bear Flat Road Payson, AZ 85541

$1,950,000

6 Beds

4 Baths

4,378 SqFt

Status Active

MLS # 6765214

Property Type Single Family Residence

Price Type --

Retreat on Tonto Creek. It was just a 700 SF cabin when Bill bought it in January 1973, but it sat high above Tonto Creek in a small enclave called Bear Flat. Over the years, Bill traveled the world as an executive in the hospitality industry, but no matter the exotic destinations he visited, he always returned to Bear Flat. Its allure, its remoteness, its peace, fulfills its residents. Once you've been to Bear Flat it enters your blood; you find yourself drawn to its beauty. Over the years, there were several additions. The great wall and steps down to the creek were built by Bill and his sons with stones gathered from the surrounding land. Today this retreat on Tonto Creek includes a large island kitchen, over 200 feet of view decking, a treehouse and over 700 square foot garage.

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5141 N 35th Street Phoenix, AZ 85018

$1,950,000

4 Beds

3 Baths

3,707 SqFt

Status Active

MLS # 6762208

Property Type Single Family Residence

Price Type --

Updated Arcadia ranch style home in the sought after Biltmore Heights neighborhood on an oversized private corner cul-de-sac lot. Indoor/Outdoor living at its finest with a front courtyard to take in Arizona sunsets, great room living with french doors leading to the spacious backyard with artificial grass, heated pool, multiple patios, built in bbq, putting green, and views of sunrises to start your day. Open floor plan in the main living area with a great room for formal or informal gatherings, updated kitchen with breakfast bar, large Owners Suite with access to the pool, 3 guest bedrooms, 3 full baths, large laundry room/craft room, detached art studio or office, and air conditioned third car garage currently used as workout room. Brand new roof and newer HVAC units. Conveniently located to some of Phoenix's best restaurants, shopping, and the Arizona canal path.

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6711 E Flat Iron Loop Gold Canyon, AZ 85118

$1,950,000

3 Beds

3.5 Baths

4,078 SqFt

Status Active

MLS # 6766438

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in the prestigious, guard-gated Superstition Mountain community, nestled in the serene landscape of Gold Canyon, Arizona. This exquisite one level custom home offers breathtaking views of the iconic Superstition Mountain, surrounded by two exclusive Jack Nicklaus Championship Golf Courses. Every detail of this home speaks of elegance and craftsmanship, from the entry doors to the beautifully rounded Alder doors throughout. Enjoy the warmth of four fireplaces located in the kitchen, master suite, living room, and charming outdoor courtyard as well as a fire-pit area with mountain and sunset views. The media room, equipped with a full-service wet bar and a pass-through ironway, is perfect for entertaining. The gourmet kitchen is a chef's dream, featuring a Wolfe 6 burner range with grill and double ovens. Individual Subzero freezer and refrigerator units, stunning granite countertops throughout and a rich walnut countertop island. The master bath is a retreat, designed for both luxury and privacy, offering stunning mountain views. Crafted by Montara Custom Homes, this residence showcases high-end architectural details in every room, with direct access to outdoor spaces from living areas and all en-suite bedrooms. The home is situated on a low-traffic street, offering both tranquility and privacy. Recent upgrades include new Trane HVAC systems (2013, 2017, and 2024) across three zones, ensuring optimal comfort. New BBQ grill and island with ample seating. This home is a true masterpiece of quality, character, and luxurious living.

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1653 W Zion Place Chandler, AZ 85248

$1,950,000

4 Beds

2.5 Baths

3,474 SqFt

Status Active

MLS # 6780777

Property Type Single Family Residence

Price Type --

Welcome to this stunning waterfront property located in the exclusive Embarcadero gated community. Situated on a spacious 1/2 acre cul-de-sac lot, this 4BR, 3BA home offers the perfect blend of luxury and tranquility. Prime location with easy access to major freeways (101, 202, 10) and close to Intel. Spacious design with split floor plan with soaring 12-foot ceilings, creating an open and airy atmosphere. Outdoor oasis, heated pool and a tranquil backyard featuring a fire pit overlooking the serene waterfront. Elegant living space immaculately maintained, with a gourmet kitchen, spacious living areas, and a luxurious primary suite. Enjoy the lifestyle you've always dreamed of in the highly sought-after Ocotillo area. Don't miss the opportunity to own this beautiful waterfront retreat!

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30927 N 117th Drive Peoria, AZ 85383

$1,950,000

5 Beds

5 Baths

4,424 SqFt

Status Active

MLS # 6786408

Property Type Single Family Residence

Price Type --

Nestled within the exclusive confines of Blackstone Country Club, this magnificent 4,424 square feet residence epitomizes luxury living in the heart of the desert. Its semi-custom desert contemporary architecture seamlessly blends with the surrounding landscape, offering a harmonious fusion of modern elegance and natural beauty. The main house boasts spacious interiors adorned with sleek lines and upscale finishes. An attached casita provides additional comfort and privacy for guests.PLUS, adjacent to the main residence, a detached guest house offers a tranquil retreat, ideal for extended stays or hosting gatherings. The centerpiece of the outdoor oasis is the resort-style pool, complete with a Baja shelf and a mesmerizing reverse negative edge that cascades into a tranquil fountain. Overlooking the pool area is a sunken fire pit, creating the perfect ambiance for alfresco entertaining or quiet relaxation under the starlit sky. This exceptional property represents the epitome of sophisticated desert living, where every detail has been meticulously curated to provide an unparalleled experience of luxury and serenity. Owner's retreat highlights a mirrored custom barn door to the elegant ensuite comprised of two vanities, a soaking tub, enclosed glass shower, and a walk-in closet. Wait, there's more! This gem also includes a fully equipped Casita for your guests! Spectacular resort-like backyard boasts mountain views, a covered patio, fire pit, gazebo with a built-in BBQ, artificial turf, and a sparkling pool & spa.

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3959 S Summit Trail Gold Canyon, AZ 85118

$1,950,000

4 Beds

3 Baths

4,349 SqFt

Status Active

MLS # 6787333

Property Type Single Family Residence

Price Type --

This 4,349 sq. ft. home in the gated El Mirador at Superstition Mountain community captures stunning mountain views from a private, elevated, cul-de-sac lot. The resort-style backyard offers a solar and gas heated pool, spa, shaded lounge areas, artistic landscaping, and outdoor cooking area perfect for entertaining/relaxing. Inside, energy efficient construction meets elegant design with roller shield and wood shutters, game room, and a spacious office. The main suite serves as a tranquil retreat, while the flexible layout adapts to various lifestyle needs. The 1,003 sq. ft. garage provides ample space for vehicles/storage. Priced at $1,950,000, this home blends luxury, beauty, and functionality in a highly desirable location with nearby walking trails and a serene Gold Canyon setting!

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23188 N 79th Way Scottsdale, AZ 85255

$1,950,000

3 Beds

3.5 Baths

4,445 SqFt

Status Active

MLS # 6781540

Property Type Single Family Residence

Price Type --

Welcome to your quiet custom 30 home gated community of Sonoran Hills, modest estates spread out to give you the upmost privacy! This property is situated toward the end of a cul-de-sac on over 1.2 acres, and is the best value in all of 85255! There are 3 bedrooms, plus an office, and plenty of indoor public areas for entertaining your friends and family. Upon entering, you will notice the soaring ceilings, which will also draw you toward the backyard where you will notice a massive BBQ kitchen in addition to the main kitchen, perfect for both indoor and outdoor cooking to have the ultimate barbecue for all of your friends and family while the cook can still stay where all the action is happening. Enjoy the sparkling pool, or head to the community tennis courts and playground!

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