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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10764 N 138th Way Scottsdale, AZ 85259

$3,950,000

5 Beds

6 Baths

4,897 SqFt

Status Active

MLS # 6770772

Property Type Single Family Residence

Price Type --

CalAtlantic's largest home with an amazing layout and private guest suite with its own entrance. The pool, hot tub, and pergola overlook the spectacular mountain views. The foyer opens to the formal dining which overlooks the expansive rear courtyard with giant chess pieces and a fireplace. The stunning kitchen features a large center island that overlooks the rear courtyard, a large walk-in pantry, home management area and butler's pantry. The four secondary bedrooms provide for plenty of privacy each with its own bath and walk-in closet. The master suite features two large walk-in closets, a spa-like bath and has the option to open up to the rear covered patio. There is two toned paint, barrel ceilings, charging station, and RV gate. Make this dream home yours today!

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15332 E Hidden Springs Trail Fountain Hills, AZ 85268

Open House

$3,950,000

4 Beds

5.5 Baths

4,265 SqFt

Status Active

MLS # 6748881

Property Type Single Family Residence

Price Type --

Stunning Golf Course Lot residence along the Scottsdale-Fountain Hills corridor with sweeping Views of the Fairway, Water & Mountains and NO INTERIOR STEPS, in guard gated Firerock Country Club. Nestled on 2 + Acres, the home was beautifully Remodeled and Expanded in 2019. Ample natural light flows into every living space. The serene and spacious Primary Suite is comfortably arranged with 2 private Bathrooms and a cozy sitting area to relax by the fireplace. Views of the Firerock Golf Course, Four Peaks and the neighborhood lake surround the owners retreat. Similarly, the views from the Living Room and Kitchen-Great Room are breathtaking and balanced by comfortable and gracious interiors. The Attached Casita offers a gracious suite for guests with a private entrance off the Terrace. All Bedrooms have en suite Bathrooms, Walk In Closets and are appointed in soft tones. Running the length of the home, the outdoor Terrace creates a seamless experience from the interior to the gorgeous Mountain and Golf Course Views. Truly an ideal Outdoor Living Space, it is complete with a built-in BBQ, Infinity Pool and Putting Green. Owners use the residents-only west gate which grants immediate access to the Mayo Clinic Scottsdale, BASIS - Scottsdale and Shea/101. This location is a hidden gem, lives like Scottsdale and must be viewed in person to appreciate all this property has to offer.

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5921 E Silver Sage Lane Cave Creek, AZ 85331

$3,913,995

4 Beds

3.5 Baths

4,315 SqFt

Status Active

MLS # 6746829

Property Type Single Family Residence

Price Type --

Toll Brothers Model Home! This home makes an immediate impression with a lovely foyer flowing into the expansive great room and casual dining area that presents alluring views of the covered patio. A large center island enhances the expertly crafted kitchen that offers plenty of counter and cabinet space, a generous pantry. Featuring a relaxing sitting area and expansive walk-in closet, the palatial primary bedroom suite is highlighted by a spa-like primary bath. Central to a versatile flex room with covered patio access, secondary bedrooms feature sizable closets and a shared bath with separate vanity area. A secluded multi-generational suite with closet, private bath, and living area can be found off the foyer. Additional features include a private office, convenient powder room

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2911 E Morrison Ranch Parkway Gilbert, AZ 85296

$3,900,000

6 Beds

6.5 Baths

6,241 SqFt

Status Active

MLS # 6776870

Property Type Single Family Residence

Price Type --

Beautiful custom home in Morrison Ranch All furnishings included. This 6,241 square foot home sits on an acre lot, featuring a full a size tennis/pickleball court, heated pool and spa. A detached garage has access through a separate side gate with room for up to 12 cars, RV and boat parking. The fully remodeled home has six bedrooms and eight bathrooms, including two master bedrooms. A stunning laundry/utility room, gym and game room make this house a rare find. This is a one of a kind opportunity. Don't miss this one.

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18720 N 101st Street Unit 3019 Scottsdale, AZ 85255

$3,900,000

3 Beds

4 Baths

3,239 SqFt

Status Active Under Contract

MLS # 6724800

Property Type Apartment

Price Type --

The FINAL and much anticipated phase of the highly successful Icon project now available with construction well underway and estimated completion in 2024. This is not only an opportunity for extraordinary views and new construction , it also continues to be the best opportunity to be inside the gates of Silverleaf. ICON at Silverleaf offers an unlimited lifestyle with the lock-and-leave luxury of exceptional single-story flats amid the incomparable beauty of Arizona's McDowell Mountains. This rare and unique offering of spacious, open-concept residences affords the very best of all possible worlds, close to the cosmopolitan conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert behind the gates of the truly iconic upscale private

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36631 N Peaceful Place Carefree, AZ 85377

$3,900,000

4 Beds

4 Baths

5,700 SqFt

Status Active

MLS # 6740677

Property Type Single Family Residence

Price Type --

PRICED TO SELL! Forget for a moment the exterior amenities and that the house is loaded with features. Instead, consider the prime location of this captivating contemporary on Black Mountain in Carefree. Unique in every way! From its circular design to the grandiose living space. Only a stone's throw from outdoor recreational opportunities, local shopping/dining spots, and the town center. As if that's not enough, you'll enjoy sweeping views of the Black & Continental Mountains. After your local excursions, you'll return to the irresistible charisma of contemporary design on a corner lot in a popular neighborhood of low-traffic streets. Whether walking or driving, a circular driveway makes a grand first impression. A second large driveway is at the back of the house.

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3350 Bar Circle A Road Prescott, AZ 86301

$3,900,000

4 Beds

6 Baths

11,073 SqFt

Status Active

MLS # 6523694

Property Type Single Family Residence

Price Type --

*Motivated Seller - Seller Financing Avail, $10.4MM Build Cost* Benvenuto a 'Casa di Buona Fortuna'- This Tuscan inspired masterpiece perched in the The Ranch provides breathtaking views, opulent luxury, and convenience unmatched in Prescott. The primary level is centered around an open-air central courtyard and features a sprawling master wing including 1 of 2 private elevators to the lower level, his and hers offices, a sitting area complete with wet bar, and dual walk-in closets large enough for the most extensive wardrobes. Starry-night home theater furnished with plush seating for eight. The opposite wing of suites includes a wet bar, formal dining area, family room, fireplaces and formal living room, spacious kitchen with tastefully appointed with Miele appliance

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20908 W Durango Street Buckeye, AZ 85326

$3,900,000

8 Beds

8 Baths

5,512 SqFt

Status Active

MLS # 6688225

Property Type Single Family Residence

Price Type --

One of a kind commercial vet clinic/breeding facility including two residential homes. Vet clinic/breeding barn is complete with three 12' roller doors, front office, 2 stalks w/ foal cage, cabinetry, electric and hot/cold water. Bathroom w/washer, dryer, tub and sinks. 4 inside foaling stalls with turnouts. Apartment inside barn complete with bedrooms, kitchen and lab area. 60 covered stalls, several acres of irrigated safe pasture with automatic waters. Covered hay barn, two 40' storage containers. Stud teasing stall 25'x13' with 50'x50' turn out. Three car detached extended garage. Two beautiful identical homes 4 bedroom 2 bath slump block, tile roof, wood shutters, automatic security shades, carpet and tile throughout both homes. Shared well. 10 acres just 2 miles from I-10/ Verrado.

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7254 E Sonoran Trail Scottsdale, AZ 85266

$3,900,000

5 Beds

6 Baths

6,438 SqFt

Status Active

MLS # 6731933

Property Type Single Family Residence

Price Type --

Located in the guard-gated community of Whisper Rock, this stunning residence is thoughtful. An open concept plan, this home features the latest finishes, all on one level. Fabulous entertainer's kitchen with furniture grade cabinetry, pantry with wine refrigerator. 4 guest bedrooms in the main house, each with ensuite and walk-in closets. Master suite has his & her walk-in closets and luxurious bath. Custom office with floor to ceiling woodwork. Prewired for 4 fully automated lighting and AV control. Smart pool with unique lighting features. Retracting glass doors bring the outdoors in, showcasing the grand pool area & surrounding scenic desert views

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6950 E Cactus Wren Road Paradise Valley, AZ 85253

$3,900,000

3 Beds

2.5 Baths

3,224 SqFt

Status Active

MLS # 6753478

Property Type Single Family Residence

Price Type --

*Stunning Modern Luxury Home in Azure, Paradise Valley's Exclusive Gated Community** Discover this luxurious modern home located in Azure, one of Paradise Valley's premier gated communities. This exquisite property blends contemporary design with high-end finishes, offering an unmatched living experience. Upon entry, you are welcomed by soaring ceilings and an open-concept layout that seamlessly connects the living, dining, and entertainment spaces. The gourmet kitchen features top-of-the-line stainless steel appliances, custom cabinetry, and a large island with waterfall edges—ideal for both casual meals and entertaining. The home is filled with luxury details throughout, including expansive windows that flood the space with natural light and offer stunning views of the desert landscape.

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10119 E Horizon Drive Scottsdale, AZ 85262

$3,895,000

4 Beds

4.5 Baths

4,128 SqFt

Status Active

MLS # 6785085

Property Type Single Family Residence

Price Type --

Welcome to 411 Eagle Feather, a beautifully updated custom home on the 3rd hole of Desert Mountains Renegade Golf Course. This home offers contemporary design and stunning views, all with ZERO interior steps. The south-facing outdoor space is perfect for desert living, capturing year-round sunshine and offering panoramic views of the golf course, mountains, sunsets, and city lights. Entertain with ease, whether by the pool and spa, around the firepit, or in the outdoor kitchen featuring multiple grills, a cooktop, fridge, and an island with built-in seating. Inside, the heart of the home is the spacious kitchen and great room, which seamlessly flows to the outdoor living areas through pocketing glass doors. The chefs kitchen is equipped with updated cabinetry, a large island, Wolf/Subzero appliances, an oversized pantry, and a pass-through window to the courtyard firepit. The split floor plan includes a private master suite, two guest ensuites in the main home, and a detached casita with its own living space and full ensuite ideal for longer-term guests. An oversized three-car garage provides ample space for your outdoor adventures. Located in the exclusive Desert Mountain community, this home is just minutes from the new Renegade Clubhouse for golf and dining, as well as the Sonoran Club for pickleball, tennis, and fitness. With seven golf courses, seven clubhouses, ranch amenities, and scenic trails bordering the Tonto National Forest, Desert Mountain offers a lifestyle unlike any other. Close proximity to main gate allows for easy access to all of Scottsdale, Carefree and Cave Creek. This home is more than just a place to liveits a sanctuary where elegance, comfort, and the desert landscape come together.

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6616 E El Sendero Road Carefree, AZ 85377

Open House

$3,895,000

4 Beds

4.5 Baths

7,085 SqFt

Status Active

MLS # 6768686

Property Type Single Family Residence

Price Type --

STUNNING HILLSIDE HOME w/Mountain & City light views. Relax in peaceful surroundings to experience the pure magic of this very special home. This chic & stylish Southwest home is truly one of a kind offering a harmonious blend of elegance with a relaxed feel. Grand entryway leads into welcoming foyer w/ rustic wood vaulted ceilings w/heavy beams which continue t/o the home. Abundance of natural light creates an inviting ambiance in the Formal Living Rm w/cozy wetbar. Recent main level flooring update; Living Rm, Family Rm and Master/Guest EnSuite...all have been leveled for seamless transitioning throughout. Lovely European Kitchen is culinary delight w/huge island, quartz counters, Wolf Appls & walkin pantry. Dining area w/easy access to patio for exceptional outdoor entertaining...Cont All Four bedrooms are en-suite, offering unparalleled comfort and privacy. Two of the bedrooms are master suites, each with their own unique character & luxurious features. The Upper level Primary Master Retreat is a sanctuary unto itself, complete with spacious living area, custom built-in king platform bed, large spa-like bath with double sinks, large shower, free standing tub, custom walk-in closet, mini-bar w/sink, multiple balconies to relax and enjoy an amazing sunrise & sunset. The second master bedroom is located on the main level of the home w/cozy living area & gas fireplace, full bath w/soaking tub, separate walk-in shower, walk-in closet & access to back patio. The remaining two bedrooms each offer their own distinct charm, each being en-suite. The outdoor spaces of this home have been meticulously re-hardscaped and landscaped, creating a resort-like oasis and truly a paradise, offering multiple seating areas with Pergolas that can be opened and closed to control sunlight, gas fireplace, wood-burning fire pit and built-in BBQ area with refrigerator. The heated pool and spa complete this outdoor haven, providing a perfect place to relax and soak in the stunning surroundings. This extraordinary home is a rare find that seamlessly combines the essence of the Southwest. From the elegant finishes and spacious living areas to the enchanting outdoor spaces with absolutely the most breathtaking majestic views, this residence offers a lifestyle of unparalleled luxury and tranquility. Don't miss the opportunity to make this masterpiece your own. Come experience the magic of this exceptional home.

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