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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22427 E Oriole Way Queen Creek, AZ 85142

$643,645

3 Beds

2.5 Baths

1,951 SqFt

Status Active

MLS # 6767276

Property Type Single Family Residence

Price Type --

BEAUTIFUL GREAT ROOM HOME THAT IS READY TO MOVE IN! FULLY LANDSCAPED FRONT AND BACK, WITH ARTIFICIAL TURF AND PERGOLA IN THE BACKYARD. 3 BEDROOM , 2.5 BATH, 3 CAR GARAGE. BEAUTIFUL BRIGHT FINISHES, PLANK TILE FLOORING EVERYWHERE EXCEPT BEDROOMS, GRANITE TOPS, TILE BACKSPLASH, SPA SHOWER IN MAIN BATH, INCLUDES WINDOW COVERINGS , CEILING FANS,, GAS TANKLESS WATER HEATER ENERGY STAR RATED,, ETC.! . ALL THIS IN THE NEW PREMIER MASTER PLAN COMMUNITY, LOCATED IN QUEEN CREEK. FEATURING A 22 ACRE LAKE, THAT IS THE CENTERPIECE OF THE COMMUNITY. KAYAKING, CANOEING, AQUATIC CENTER WITH LAP AND SPORT POOL, SPLASH PAD, BOCCE BALL, PICKLE BALL. BOARDWALKS AND RAMADAS AROUND THE LAKE AND MUCH MORE...KATHERINE MECHAM BARNEY SCHOOL IN THE COMMUNITY.

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24393 N 169th Drive Surprise, AZ 85387

$643,500

4 Beds

3 Baths

2,862 SqFt

Status Active

MLS # 6759147

Property Type Single Family Residence

Price Type --

**NEXT GEN HOME BY LENNAR GIVES YOU 2 HOMES IN 1!** Immaculate home we know you are going to love. The first thing you'll notice is the fantastic curb appeal & great landscaping. This gem has 3 bedrooms & 2 baths in the main home & a casita with its own entrance, living room, kitchen, bedroom, laundry, & bath. The main house has an open floor plan with a huge living room. The kitchen offers island with breakfast bar, granite countertops, pantry, contemporary cabinets, & stainless steel appliances. Spacious bedrooms, neutral color paint, and wood-like tile flooring through the main living areas. Water softener & custom fans have been added. The backyard features a covered patio & is ready for your dream vision of landscape. Located on a Huge Lot in the stunning community of Asante!

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19725 N Leisure Lane Prescott, AZ 86305

$643,205

2 Beds

1 Bath

1,162 SqFt

Status Active

MLS # 6787320

Property Type Single Family Residence

Price Type --

Discover a serene 18-acre property in Crossroads Ranch, featuring a grandfathered cozy 1,161 sq. ft. two-bedroom, one-bath home with an open layout and abundant natural light. Highlights include a large laundry room, a charming covered front porch with breathtaking views, and a 256 sq. ft. horse shelter, ideal for equestrian enthusiasts. Bordering K-4 Ranch and with easy access to State Trust Land, the property offers endless riding and outdoor opportunities. Perfect for self-sufficient living or future expansion, this peaceful retreat provides privacy and convenience, capturing the essence of countryside living.

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8026 E Quartet Avenue Mesa, AZ 85212

$642,999

3 Beds

2 Baths

2,166 SqFt

Status Active

MLS # 6636868

Property Type Single Family Residence

Price Type --

MLS#6636868 Ready Now! The Windsor at Hawes Crossing. This residence comprises 3 bedrooms, 2 bathrooms, a 3-car tandem garage, and a versatile study. An inviting porch welcomes you into the entry, where a study on one side and secondary bedrooms with a full bath on the other provide a balanced layout. Progressing beyond the study, you enter the expansive kitchen, dining, and great room area. The open-concept living ensures seamless integration of cooking, dining, and relaxation, allowing you to enjoy family time or catch up on your favorite shows. The kitchen is a culinary haven with a gas cooktop, double oven, 42 upper kitchen cabinets adorned with maple cabinets, and quartz counters. A hallway off the kitchen leads to the primary suite, showcasing an upgraded super shower and ample closet space. Your dream home awaits! Structural options added include: Gourmet kitchen, garage service door, paver front porch, super shower at owner's bath, soft water loop, and gas line for future outdoor kitchen.

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23680 N 168th Lane Surprise, AZ 85387

$642,900

4 Beds

3 Baths

2,860 SqFt

Status Active

MLS # 6781921

Property Type Single Family Residence

Price Type --

MULTI-GEN LIVING SPACE!! 3-CAR GARAGE! Welcome to the epitome of modern elegance and spacious living in this Aurora floor plan, located in the desirable community of Asante in Surprise, AZ. This immaculate home features 4 bedrooms, 3 full bathrooms, and an ADDITIONAL DEN area perfect for a teen wing or guest quarters. As you approach the home, you'll be struck by its stunning curb appeal and METICULOUS LANDSCAPING on a desirable corner lot. The PRIVATE COURTYARD entrance sets the tone for this beautiful home. Upon entering, you'll be greeted by an abundance of natural light pouring in from the TWO LARGE SLIDING DOORS in the Great Room and Dining Area, creating a bright and welcoming atmosphere. Every window in the hoam showcases gorgeous PLANTATION SHUTTERS! ... The open concept layout seamlessly connects the living area, dining area, and kitchen, making it ideal for entertaining or a busy household. Holiday cooking will be easy in this sleek kitchen that boasts GRANITE COUNTERTOPS, stylish cabinetry, a large island, and modern stainless steel appliances. The home features THREE FULL BATHROOMS, each with their own unique design and luxurious finishes. The primary suite is a peaceful retreat, complete with a SPA-LIKE WALK IN SHOWER, dual sinks, and spacious dual closets. Nestled between two bedrooms split from the primary suite, the den area offers a versatile space for a teen wing or entertainment zone for guests. Practical features such as EPOXY GARAGE FLOORING and ATTACHED GARAGE STORAGE make organizing and storage a breeze. Step outside into the BEAUTIFULLY MANICURED YARD, with mature trees and low maintenance turf, providing a serene outdoor space for relaxation and gatherings. This home has been meticulously maintained and is move-in ready, offering a high-quality living experience in the vibrant Asante community. Don't miss the opportunity to make this your dream home.

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3609 W Summit Walk Drive Anthem, AZ 85086

$642,500

3 Beds

2.5 Baths

2,663 SqFt

Status Active

MLS # 6768388

Property Type Single Family Residence

Price Type --

REDUCED FOR FAST SALE Best in class Majesty Model, outstanding features abound... Shows like a model. New paint and new wood look tile floor throughout. Great Kitchen with Granite Counters and Huge Island, new gas range, upgraded pullout cabinets and large pantry. From the private gated courtyard entry this home shows like a model! Main bedroom features great walk-in closet, and an upgraded bath with Separate tub and shower and his and hers vanities. This open floorplan features a huge kitchen over-looking the family room. The family room has surround sound in place. A great home office looks out on to the private gated courtyard and make this one of Anthem's best! Did I mention completely paid off solar system...

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17134 W Hackamore Drive Surprise, AZ 85387

$642,456

4 Beds

3 Baths

2,660 SqFt

Status Active

MLS # 6776830

Property Type Single Family Residence

Price Type --

MLS#6776830 February Completion! Experience true multigenerational living with the Zion plan at Asante! Step through the welcoming porch into the foyer. To one side, discover a private multi gen suite featuring a bedroom, a dedicated living area, bathroom, a one-car garage, and a separate entry from the outside as well as into the main home. In the main home, you'll find a formal dining area, a powder room, a laundry room, and entry to your two-car garage. At the heart of the home, a spacious great room seamlessly connects to a kitchen with an island, casual dining space, and covered outdoor living area. Tucked away in the back, the primary suite offers a spa-inspired bathroom and a large walk-in closet—your perfect retreat. Structural options include: paver front porch, garage service door, exterior door at primary suite, interior door at mulit-gen living, super shower in primary and pre plumb for laundry sink.

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21048 E Arroyo Verde Drive Queen Creek, AZ 85142

$642,031

4 Beds

3 Baths

2,198 SqFt

Status Active

MLS # 6766872

Property Type Single Family Residence

Price Type --

Don't Miss Out on this CLOSE OUT & FINAL OPPORTUNITY for this beautiful inventory home located in desirable Hastings Farms. Plus Builder/Lender Financing Incentive Available when financing with builder's preferred lender(s) of up to $25K towards closing costs or interest rate buydown. Located close to Queen Creek Marketplace Shopping, Dining & Entertainment, this Community has Parks, Soccer Field, Basketball Courts, & 8-Mile Walking Trail. This Beautiful Cul-De-Sac home backs to 8-Mile Walking Trail with no homes behind! Beautiful upgrades include Smoke cabinets, Gourmet Stainless Gas Cooktop, Double Wall Ovens w/Microwave, Quartz Kitchen Countertop, Tiled Kitchen Backsplash, Plank Tile Flooring, & Window Blinds. Final Chance to Own Backing to the Trail! Don't Wait, See This Home Today.

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35612 N Lodestone Drive San Tan Valley, AZ 85144

$642,000

4 Beds

2.5 Baths

2,433 SqFt

Status Active

MLS # 6779171

Property Type Single Family Residence

Price Type --

Welcome to this beautiful Toll Brothers home! This brand new 2024-built residence has been thoughtfully upgraded throughout. Offering 4 beds, 2.5 baths, 3-car garage, & a low-care landscape. Home exudes elegance with stylish light fixtures, tall ceilings, wood-look tile flooring in common areas, Berber carpet in bedrooms, a neutral palette, and tons of natural light. You'll love the open layout paired with sliding doors to the back! The gourmet kitchen features quartz counters, tile backsplash, and a large island w/breakfast bar. The walk-in pantry & gray shaker cabinetry ensure ample storage. The owner's suite has an ensuite with dual quartz sinks & a walk-in closet. Outback, you have artificial turf and a covered patio to relax or enjoy BBQ. Just WOW

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549 W Sweet Shrub Avenue Queen Creek, AZ 85140

$642,000

5 Beds

3 Baths

3,317 SqFt

Status Active

MLS # 6741014

Property Type Single Family Residence

Price Type --

This large, beautiful 5 bedroom, 3 bathroom Fulton home located in Ironwood Crossing features an extended 306 square foot balcony with private master access and mountain views, view fencing to the greenbelt, no neighbors behind, a SUPER-SIZED 4.5 car garage, SOLAR PANELS that will be PAID IN FULL by sellers at closing, artificial turf, LIME & RUBY GRAPEFRUIT trees. Interior has new carpet and paint, wood tile flooring, Havana tile stairs with iron scroll railing, 2'' faux wood blinds, dual pane low-e windows, paneled doors and closets, ceilings fans and lots of storage space throughout! Surround sound speakers installed in family room.Spacious gourmet kitchen has a large island, granite counter tops, extended maple cabinets with 3 crown molding, recessed lighting, under mount stainless steel sink, and stainless steel appliances, and new convection stove top. There is a GAS STUB at the cook top! Master bedroom has views of the lush greenbelt overlooking the backyard, private sliding door to the balcony, a HUGE closet AND bathroom with an extra long counter, double sinks, and a Graniterra garden tub/separate shower. The spacious loft is central to the upper level living area and is a flex space for office, entertainment, whatever suits you! The 5th bedroom is located downstairs and has access to the all bathroom just one door down. Brand new water heater! Solar is owned and will be paid in full at closing. Soft water loop already installed. 210 breaker box professionally installed for an above ground pool! Gas available at cooktop, dryer, and BBQ! Home is turnkey ready with all appliances conveying, including washer/dryer/fridge! Platinum Plan warranty will be provided by sellers through Select Home Warranty. Sellers can paint accent walls and kitchen to match rest of house if buyers desire. They will work with you! The aquatics center with a heated community pool and splash pad is nearby, as is Legacy Traditional Charter School. One of many playgrounds is just a few houses down the street. There are walking paths, parks with ramada covered picnic areas and gas grill throughout the community, basketball courts, and a soccer field!

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1449 W Saddle Run Apache Junction, AZ 85120

$641,990

4 Beds

3.5 Baths

3,344 SqFt

Status Active

MLS # 6750835

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Casoria floor plan presents a sophisticated two-story layout featuring four bedrooms, an upstairs loft, and a versatile flex space perfect for an office, TV room, or study. Enhanced by professionally landscaped front yard, this home will be ready for occupancy in October or November. Ideally situated near community parks, grocery stores, and a variety of restaurants.

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234 E Avenida Sierra Madre -- Gilbert, AZ 85296

$641,000

3 Beds

2 Baths

1,915 SqFt

Status Active Under Contract

MLS # 6706250

Property Type Single Family Residence

Price Type --

Welcome to this charming Downtown Gilbert abode, a spacious sanctuary boasting 3 bedrooms and 2 baths. RV gate and NO HOA! Step inside to discover a modern haven where every detail exudes elegance. The heart of the home is the updated kitchen, featuring sleek countertops, stainless steel appliances, and an oversized island perfect for culinary creations and casual dining. Natural light pours in through large windows, illuminating the open-concept living and dining areas, creating an inviting atmosphere for gatherings. Retreat to the tranquil master suite, complete with a luxurious ensuite bath and ample closet space. Outside, paradise awaits in the expansive backyard oasis. Dive into the sparkling pool on hot summer days or unwind on the large patio, ideal for al fresco dining and entertaining under the Arizona sky. Located in the vibrant Downtown Gilbert area, this home offers the perfect blend of comfort and convenience, with trendy shops, eateries, and entertainment options just moments away. Embrace the epitome of suburban luxury in this impeccable residence.

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