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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2125 W Highridge Road Wickenburg, AZ 85390

$649,000

3 Beds

2.5 Baths

3,141 SqFt

Status Active Under Contract

MLS # 6736978

Property Type Single Family Residence

Price Type --

Welcome to this delightful home that perfectly combines comfort and countryside living. Set on a spacious 2-acre lot, this property offers scenic views and a small horse setup, ideal for equestrian enthusiasts. Inside, you'll find an inviting family room, perfect for relaxing and spending quality time together. The formal living room and formal dining room provide dedicated spaces for entertaining and special occasions. The modern kitchen is well-equipped with all the essentials, making meal preparation a breeze. The bedrooms offer cozy retreats, with the primary suite featuring an en-suite for added privacy and convenience. A versatile bonus/game room adds extra living space, perfect for entertaining guests, family fun, or quiet relaxation. Step outside to enjoy the expansive views and the beauty of nature that surrounds this property. The small horse setup adds a touch of rustic charm and functionality, making this home a rare find. Experience the perfect blend of modern living and rural serenity in this wonderful home. Your dream of countryside living with all the comforts of today awaits.

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3732 W Shannon Street Chandler, AZ 85226

$649,000

4 Beds

3 Baths

2,417 SqFt

Status Active Under Contract

MLS # 6752210

Property Type Single Family Residence

Price Type --

Fabulous home in an even better location. Located in the Kyrene school district This wonderful home has 4 bedrooms and 3 baths And a 3 car Garage. All the extras your buyer is looking for, a bedroom and bath downstairs ideal for a guest room or office. The primary bedroom has a large sitting area with a fabulous view and no homes behind it. The Primary bath is updated with a soaking tub separate shower with 2 sinks.. The Kitchen has been updated with Copper backsplash, Quartzite counters, and stainless steel appliances. 3 car garage gives you room for all your toys and the side yard has an RV gate for the extra items. This home is in the fabulous award-winning Kyrene school district and Corona Del Sol High School boundaries. The seller has updated the home with high tech security sys

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2537 N 87th Way Scottsdale, AZ 85257

$649,000

4 Beds

2 Baths

1,751 SqFt

Status Active Under Contract

MLS # 6729321

Property Type Single Family Residence

Price Type --

Discover the perfect blend of modern comfort & classic AZ charm in this beautifully remodeled 4/1.75 pool home. This home isn't just a place to live—it's a lifestyle. Previously a profitable STR, it's a fantastic investment opportunity or the perfect place for your own. With no HOA to worry about you have the freedom to truly make this house your own! You'll be greeted by natural light that floods the spacious living areas creating an inviting atmosphere. The floor plan seamlessly connects the living room to a stunning private courtyard accessible from both the living room & primary bedroom. Imagine sipping your morning coffee in this tranquil outdoor space. The kitchen has SS appliances & granite countertops. Step outside to your secluded backyard where a gated pool awaits! Fashion Square Mall, and easy access to the 101 freeway, this home offers convenience and a vibrant lifestyle. Whether you're looking for a primary residence or a vacation rental investment, this property presents an excellent opportunity to grow your portfolio. Don't miss the chance to make this beautiful Scottsdale home yours.

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12603 W Blackstone Lane Peoria, AZ 85383

$649,000

5 Beds

4 Baths

2,943 SqFt

Status Active

MLS # 6762420

Property Type Single Family Residence

Price Type --

Beautifully Upgraded 5 Bed 4 Bath home with attached Casita with a separate entry door. This move in ready home has 2943 Sqft. of total living space. There is one bedroom on the main floor, along with a separate bathroom that has a shower/tub combo. The Casita has an additional bedroom. The kitchen includes Granite Countertops, Stainless Steel kitchen appliances, upgraded kitchen cabinets, a spacious pantry, and kitchen island with separate breakfast bar. and a separate formal dining room. There is a large Great room for family enjoyment too. Upstairs has 3 bedrooms and a good sized loft with a separate small workspace/craftroom . The laundry room comes with extra storage cabinets. The backyard provides an extended covered patio with paver flooring. Next to it is a built -in, gated, private pool with water feature. The garage has built-in cabinets and a water softener connected to the main waterline. Located in the sought-after Vistancia community, residents enjoy access to a plethora of amenities including parks, trails, a gym, 3 pools, waterslides, tennis & pickleball courts!

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345 E Palomino Court Gilbert, AZ 85296

$649,000

5 Beds

2.5 Baths

2,376 SqFt

Status Active

MLS # 6727415

Property Type Single Family Residence

Price Type --

Move-in-ready Home in prime location, Gym & pool amenities across the street & walking distance to downtown Gilbert for dining & entertainment. Extensively remodeled with $150,000 in recent upgrades, featuring a luxurious master bathroom with large walk-in shower and freestanding 70'' soaking tub. All 2.5 bathrooms showcase quality tiled floors and walls. Elegant plantation shutters throughout, custom wood floors, crown molding, stairway, and fireplace enhance the home's appeal. The 5 bedroom and 3 car garage provide ample space for all. The kitchen boasts contemporary features: oversized sink, granite countertops, peninsula with a breakfast bar, high quality soft-close cabinets with lazy susan corners, new pantry with frosted glass doors and under-cabinet lighting. Recessed lighting and new fixtures illuminate the home beautifully.Outside find new sunscreens and an energy efficient A/C replaced in 2018. Enjoy the quiet cul-de-sac setting with easy access to the community park, basketball/pickleball court, and playground. This rare 5 bedroom find combines comfort, style, and location! A MUST SEE!

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17698 E Bismark Lake Court Rio Verde, AZ 85263

Open House

$649,000

2 Beds

2 Baths

1,544 SqFt

Status Active

MLS # 6765532

Property Type Townhouse

Price Type --

Enjoy MOUNTAIN VIEWS and brilliant SUNSETS in this LUXURY RESORT COLLECTION Evia Floor Plan with SLIDING WALL OF GLASS and covered private terrace in the heart of coveted Trilogy at Verde River! Available FULLY FURNISHED this Spacious, WIDE OPEN yet efficient floorplan features 2 beds/ 2 baths and a SEPERATE DEN area. The unique location is adjacent to natural open space & beautifully maintained common area. Sophistication, Style & Elegant finishes throughout! COVERED PATIO perfect for entertaining. Kitchen DAZZLES w/WHITE CABINETS and sleek countertops! Stunning upgraded wood look tile flooring throughout. The new interior is bright and features today's favorite finishes. Other notable upgrades include New BOSCH dishwasher, Custom Closet, New Water Purification system and much more. Experience the ultimate in Luxury Living! Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?

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3794 E Terrel Street San Tan Valley, AZ 85143

$648,990

4 Beds

3 Baths

2,604 SqFt

Status Active

MLS # 6763777

Property Type Single Family Residence

Price Type --

This home has it all with room for your guests and all of your toys! Popular Explorer plan features a full guest suite with its own private entrance as well as it's own RV garage. This home is situated in the amenity rich community of Bella Vista Farms. Residents enjoy an amenity-rich lifestyle with exclusive access to an onsite swimming pool, picnic area, splash park, playground, basketball court, volleyball court and greenbelt. The local area is host to the San Tan Regional Park, where locals enjoy biking, hiking, horseback riding and more. A public report is available on the Arizona Department of Real Estate website.

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14217 N 11th Way Phoenix, AZ 85022

$648,790

3 Beds

2 Baths

1,991 SqFt

Status Active Under Contract

MLS # 6765992

Property Type Single Family Residence

Price Type --

You'll be enchanted by this exquisite Moon Valley gem. Located in a quiet cul-de-sac, this breathtaking home has undergone recent updates, featuring new flooring, updated baths, double-pane windows, air conditioning, ductwork, fresh interior and exterior paint and more. This gorgeous kitchen is right off your Pinterest page. Two tone cabinetry, huge center island with quarts counters and new stainless appliances. However, your favorite retreat will undoubtedly be the backyard. Step through your 15-foot sliding doors into your private sanctuary, complete with a fenced pebble-tec pool, gazebo, firepit, and stunning landscaping. Whether you're entertaining guests or simply relaxing by the pool, you'll enjoy a beautiful and tranquil atmosphere. with plenty of privacy and mountain views.

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12712 W Corona Avenue Avondale, AZ 85392

$648,346

3 Beds

2.5 Baths

2,308 SqFt

Status Active

MLS # 6785952

Property Type Single Family Residence

Price Type --

Welcome to The Camelback model home, a magnificent turn-key ready Model home that has been meticulously designed to offer space, comfort, and versatility. Boasting an expansive 2,308 square feet, this home features 3 bedrooms, 2.5 bathrooms, and spacious Loft! Whether hosting gatherings or enjoying quiet evenings, the expansive layout and premium features provide an exceptional living experience. Designed for both comfort and luxury, this home features:

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4220 N 32nd Street Unit 2 Phoenix, AZ 85018

$648,000

3 Beds

3 Baths

1,487 SqFt

Status Active

MLS # 6784339

Property Type Townhouse

Price Type --

Introducing the epitome of modern patio home living in the heart of Arcadia - welcome home to the Arcadian Phoenix. Nestled in the coveted 85018 area code, these modern townhomes redefine living with their spacious floor plans and an array of amenities. Step inside to discover a haven of elegance, boasting 10-foot ceilings on the main living floor and large windows that flood the space with natural light. The gourmet kitchen seamlessly merges with the inviting family room, creating the perfect setting for both everyday living and entertaining. Revel in the exquisite finishes, featuring stunning cabinetry, sleek quartz countertops, and timeless stainless steel appliances. Experience true architectural brilliance with the inclusion of a charming Juliet balcony

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18410 N 70th Drive Glendale, AZ 85308

$648,000

3 Beds

2 Baths

1,942 SqFt

Status Active Under Contract

MLS # 6766686

Property Type Single Family Residence

Price Type --

Are you looking for a 1/2+ Acre Lot, with a 3 Bedroom/2 Bathroom/2 Car Garage Home with a separate Workshop/Garage/Man Cave Office that has room for 4 more Cars? Oh, there is also a Pool and Spa with a huge, covered Patio and plenty of grass areas to enjoy this Property. No, no, H.O.A.!!! The exterior of this Home and Workshop were just painted in September 2024 and a new Roof on the main Home was completed in May 2024. Check out the extensive Home Improvement List in the Document Section.

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39931 N Wisdom Way Anthem, AZ 85086

$648,000

4 Beds

4 Baths

3,366 SqFt

Status Active

MLS # 6737778

Property Type Single Family Residence

Price Type --

Welcome to Anthem's hidden treasure. This 4-bedroom, 4-bathroom home offers more than just space - it's a lifestyle upgrade. Nestled in a quiet cul-de-sac, this property boasts an office and bonus room, perfect for remote work or pursuing hobbies. The open-concept living area features soaring ceilings and clerestory windows, bathing the space in natural light. The kitchen is a chef's dream: stainless steel appliances, granite countertops, and a built-in desk for meal planning. Crown molding adds a touch of elegance throughout. But here's the clincher - this home offers the best price per square foot for a property with a pool in Anthem. It's not just a house; it's an investment in your future and your quality of life. Why settle for ordinary when you can have extraordinary? This home isn't just on the market; it's waiting for you to make it yours. Ready to elevate your living experience?

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