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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3933 E Rancho Drive Paradise Valley, AZ 85253

$4,200,000

6 Beds

5.5 Baths

7,655 SqFt

Status Active

MLS # 6757463

Property Type Single Family Residence

Price Type --

The property boasts stunning, uninterrupted views of Camelback and Praying Monk Mtns. The previous home was demolished, leaving an oversized 3-car garage and a 884 +/- sq.ft. guest home sitting on over 1.2 acres. You can live in the guest home while building your dream house. The modern guest home has one bedroom but can be converted into a two-bedroom home, with one bathroom, a full kitchen, laundry, and separate parking (built in 1994). This beautiful corner lot, featuring desert landscaping, has a heated pebble tech lap pool & spa, a labyrinth, & a lovely lounging area to enjoy the breathtaking Arizona sunsets. The property is located in the heart of P.V, close to major shopping, dining, hiking and biking trails &commute routes.

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2652 E Pelican Court Gilbert, AZ 85297

$4,200,000

5 Beds

6.5 Baths

7,018 SqFt

Status Active

MLS # 6768273

Property Type Single Family Residence

Price Type --

Exceptional Entertainer's Dream Home with Multi-Generational Living in Gilbert, AZ Welcome to this stunning resort-style residence that offers the ultimate in luxury living and entertainment, while also being perfectly suited for multi-generational living. Nestled in the heart of Gilbert, this one-of-a-kind property, located in a gated and guarded community, is designed for those who love to entertain, relax, and create lasting memories with family and friends. Key Features: ●

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4613 E Desert Park Place Paradise Valley, AZ 85253

$4,200,000

4 Beds

4.5 Baths

5,214 SqFt

Status Active

MLS # 6751720

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Tatum Canyon, Paradise Valley. Where luxury living meets breathtaking natural beauty. Nestled on a sun-drenched hillside, this exquisite estate offers panoramic vistas reminiscent of a Santa Barbara retreat. Crafted by renowned luxury homebuilder Dave Hansen, this 5214 sqft masterpiece is a testament to meticulous craftsmanship and refined taste. As you step inside, you're greeted by a sense of grandeur, with marvelous views beckoning from every corner. 3 oversized car garage with a fantastic moderate driveway for hillside.

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3830 N 54th Court Phoenix, AZ 85018

$4,200,000

4 Beds

3.5 Baths

3,149 SqFt

Status Active

MLS # 6781486

Property Type Single Family Residence

Price Type --

Nestled in the heart of Arcadia, this tastefully designed home exudes elegance and sophistication. With its open spaces and thoughtful layout, it offers the perfect setting for both comfortable living and entertaining. The property boasts stunning views of Camelback Mountain, providing a picturesque backdrop for everyday enjoyment. Upon entering, you'll be greeted by the seamless blend of modern and classic elements that define this home. The interior features four bedrooms, 3.5 bathrooms, a luxurious master suite, and private den. The wood flooring throughout adds warmth and charm, complementing the custom tiles that adorn the bathrooms and kitchen. The kitchen itself is a culinary enthusiast's dream, featuring top-of-the-line appliances and a spacious island for gathering with loved ones. Wooden beams grace the ceilings, adding character and a sense of architectural distinction, while the neutral palette enhances the home's chic aesthetic. Additionally, a wine cellar is the perfect place to store and showcase your collection. Stepping outside the entertaining areas are thoughtfully designed, featuring a pool, spa, putting green and unobstructed Camelback mountain views. This charming property offers a seamless fusion of modern comfort and classic elegance. With its open living spaces, stunning mountain views, and luxurious amenities, it provides a truly exceptional living experience in the heart of Arcadia.

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6715 E Montecito Avenue Scottsdale, AZ 85251

$4,200,000

5 Beds

6.5 Baths

4,540 SqFt

Status Active

MLS # 6658706

Property Type Single Family Residence

Price Type --

This stunning Scottsdale home nestled one street over from Exeter. This custom home features an abundance of space and elegance provided by this meticulously designed home. The main house boasts four bedrooms and four and a half bathrooms, offering ample room for relaxation and privacy. The tastefully decorated interiors create an atmosphere of refinement and comfort throughout. Experience unrivaled comfort with ceiling fans and remote blackout blinds throughout the property. The main house features a stylishly appointed gourmet kitchen equipped with best-in-class stainless steal appliances, Stunning quartz countertops, an oversized island perfect for entertaining. This beautiful open concept living area offers luxury at its finest. Exquisite resort-like amenities: Step into your private oasis. Lounge by the shimmering swimming pool, sit around the state-of-the-art firepit, and enjoy alfresco dining on the expansive patio. Fire up the BBQ grill for a delightful cookout or simply savor the tranquility of the beautifully landscaped backyard. The attached casita is adjacent to the main house, the casita Living area offers a separate haven for additional privacy. It features a private entrance, a well-appointed bedroom, a fully equipped kitchenette, and a bathroom. Perfect for couples or those seeking extra space, the casita ensures a tranquil and exclusive retreat. spacious bathroom w/ 2 vanity sinks + an expansive walk-in rainfall shower and separate soaking tub

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7175 E Camelback Road Unit 1201 Scottsdale, AZ 85251

$4,200,000

3 Beds

3.5 Baths

3,627 SqFt

Status Active

MLS # 6752000

Property Type Apartment

Price Type --

Welcome to your dream penthouse—an extraordinary three-bedroom residence that epitomizes luxury and sophistication, offering panoramic city lights and breathtaking mountain views. Nestled atop one of the most coveted buildings in Scottsdale, this penthouse is a true gem in the sky. The gourmet kitchen is a chef's paradise, with state-of-the-art appliances, beautiful cabinetry, and elegant granite countertops. The primary suite is a private retreat, offering a serene escape. It includes a generous walk-in closet and a private oversized patio. Residents enjoy a host of exclusive amenities, including a fitness center, a rooftop pool, clubhouse, a dedicated concierge, and valet service. The beautifully landscaped grounds provide a tranquil retreat, while the location ensures you are just... steps away from the best dining, shopping, and entertainment Scottsdale has to offer. Whether you're seeking a serene escape or a vibrant urban lifestyle, the Scottsdale Waterfront Residences offer the perfect blend of both. Experience unparalleled comfort and sophistication in one of Scottsdale's most sought-after addresses.

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8408 E La Senda Drive Scottsdale, AZ 85255

$4,200,000

5 Beds

6 Baths

6,191 SqFt

Status Active

MLS # 6740273

Property Type Single Family Residence

Price Type --

Experience the pinnacle of sophistication with this meticulously designed Hacienda-style residence, strategically located on the 18th fairway of the prestigious Pinnacle Peak Country Club Estates. This North-South facing home embraces the North Scottsdale lifestyle with its seamless integration of high-end finishes and architectural elegance. Upon entering through the gated courtyard, you are welcomed by a serene stone fountain, inviting fireplace and lush, well-established vegetation that enhance the home's refined character. Inside, the grandeur of the space is evident with elegant chandeliers, towering wood-beamed ceilings, and custom wood doors. The residence features reclaimed hardwood and manganese Saltillo floors, along with five meticulously designed fireplaces featuring, more custom ironwork, creating a warm and inviting ambiance. Spanning an impressive 6,191 square feet including detached casita and rare four car garage with storage, the open floor plan effortlessly balances expansive communal areas with private, luxurious bedroom suites and solar. The primary suite offers a private retreat with its dramatic wood-beamed ceiling, a cozy gas fireplace, and a spa-like bathroom complete with a pedestal soaking tub, dual vanities, and a custom walk-in closet. The open kitchen is a culinary dream, featuring custom cabinetry, rich stone wood butcher block countertops, a large center island with seating, and premium appliances including a Viking 6-burner gas range, copper farm sink, and built-in Viking refrigerator. Adjacent to the kitchen, a custom bar with a wine refrigerator and seating at sleek concrete counters offers convenience and style, seamlessly connecting to the covered patio through an accordion window. The great room, enhanced by a stone-surround fireplace and French doors, opens to the backyard oasis. This outdoor haven includes an expansive covered patio with a stone fireplace, multiple lounging areas, and an elevated patio overlooking a custom heated pool and spa with captivating water features. The lush, private backyard, complete with paver patios and walkways, features a built-in barbecue and ample space for outdoor dining and relaxation, all framed by serene views of the golf course. Residing in Pinnacle Peak Country Club Estates combines exclusivity, offering proximity to upscale shopping, fine dining, and top-rated schools. This residence is not merely a home but a tranquil sanctuary where elegance meets comfort.

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10801 E Happy Valley Road Unit 108 Scottsdale, AZ 85255

Open House

$4,200,000

4 Beds

4.5 Baths

5,350 SqFt

Status Active

MLS # 6679843

Property Type Single Family Residence

Price Type --

This stunning Terry Kilbane-designed home sits on an interior, acre+ corner lot w/city light & mountain views in guard gated Glenn Moor at Troon. Excellent curb appeal w/stucco, copper, & natural stone accents along w/gorgeous landscaping. Step into an ideal layout w/large great room w/butt glass windows that highlight the city light views along w/3 ensuite bedrooms plus an office, a casita, & 4.5 baths. Formal dining w/b-in buffet, wine room, & gourmet kitchen w/subzero fridge, Miele steamer, warming drawer, double ovens, gas cooktop, dual sinks, & additional wine fridge. Custom touches throughout such as tongue & groove ceilings, Vega poles, concrete floors w/custom stone inlays, knotty alder cabinets w/brushed nickel hardware, pocket door in kitchen, 3 fireplaces, & tons of built-ins. Back yard was designed for outdoor living w/negative edge pool & spa, b-in heaters, bbq, fireplace, tons of covered patio & decking, & tremendous city light views. This home has been very lightly lived in as a second home and feels both warm and modern. Rare to find this combination of quality, views, & functionality. All this within 10 minutes os tons of golf courses, hiking/biking trails, shopping, dining, & all of the other amenities Scottsdale has to offer

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160 N Shore Lane Gilbert, AZ 85233

$4,199,999

6 Beds

5 Baths

5,932 SqFt

Status Active

MLS # 6784961

Property Type Single Family Residence

Price Type --

Introducing an extraordinary estate located in the most established and coveted regulation ski lake in Arizona. Upon entry to the exclusive gated community of Crystal Point Estates, you will find a ½ mile lake spanning with islands on each end. As you make your way to your waterfront home, you are welcomed by a soaring entry with captivating lake views and rich finishes. Gourmet kitchen delivers two ovens, icemaker, RO, granite & quartz counters, and a wet bar which opens to seamlessly blend indoor-outdoor living. Primary Suite features rooftop hot tub, private patio, spa-like bathroom w/ standalone tub, flawless tiled shower, kitchenette/laundry room combo, coffee bar, designated safe room and sophisticated firearm storage, and an elegant closet. Home boasts premiere amenities such as transparent wine/liquor display, theater room, 2 laundry rooms, smart toilets, and EV charging station. Enjoy the vibrant scenery outdoors by your heated pool & spa, covered boat dock with rooftop deck, or distinguished firepit nestled along the sandy shoreline. This home impeccably combines luxury living, high end entertaining opportunities, and waterfront attractions. Truly a one-of-a-kind, where design and location cannot be replicated. Be sure to watch the remarkable video!

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24334 N 128th Street Scottsdale, AZ 85255

$4,199,000

5 Beds

4.5 Baths

5,000 SqFt

Status Active

MLS # 6779551

Property Type Single Family Residence

Price Type --

We have officially broken ground on this extraordinary & sophisticated contemporary styled Farmhouse custom spec home designed by Encore Design Group on a massive three acre lot with NO HOA! This incredible home combines bright, contemporary design with timeless indoor-outdoor appeal, all in a highly-desirable location a stones throw from Tom's Thumb trailhead. This incredible custom home includes a massive vaulted open great room with 5 bedrooms, 4.5 bathrooms, a separate game room / movie room, & an incredible three car garage adjacent to a massive RV Garage. The incredible features continue with a massive covered back patio with a stone accented fireplace and complete outdoor kitchen, fully landscaped backyard with a gorgeous custom pool, & so much more!

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9127 N Fireridge Trail Fountain Hills, AZ 85268

$4,199,000

4 Beds

5 Baths

4,685 SqFt

Status Active

MLS # 6727253

Property Type Single Family Residence

Price Type --

Situated above the 4th hole at Firerock Country Club, this Desert Contemporary home has all the architectural details and finishes. Floorplan that allows for sweeping views of the entire golf hole and desert hillsides, the home invites you to enjoy the elegance of the interior to exterior layout. An abundance of Natural Stone, Limestone, Granite and Marble blended with Metal Accents and crisp modern touches, are showcased in every room. All bedrooms are on-suite and allow for privacy for families and or guests. Large sliding glass walls allow for an easy path to the outside and pool area. Control4 smart electrical system integrates TV, music, HVAC, Security seamlessly with a control pad or your phone.

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7798 E Whisper Rock Trail Scottsdale, AZ 85266

$4,170,000

5 Beds

5.5 Baths

7,502 SqFt

Status Active Under Contract

MLS # 6726500

Property Type Single Family Residence

Price Type --

Indulge in the epitome of luxury living with this remarkable estate in Whisper Rock, rated one of the top golf courses in Scottsdale. Step into the grand foyer to experience elegance and impeccable craftsmanship. Meticulously curated custom finishes flow seamlessly from room to room. The expansive living spaces feature formal and informal great rooms, a stunning dining room, and a custom study/office for productivity and comfort. Whisper Rock Estates provides 24-hour guard-gated security and boasts exceptional amenities, including a fitness center with locker rooms, a heated lap pool and spa, multiple sport courts for tennis, pickleball, and basketball, a 3-acre resident park, and a dedicated full-time residential services coordinator.

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