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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657 S Buenagua Road Payson, AZ 85541

$635,000

3 Beds

2.5 Baths

1,335 SqFt

Status Active

MLS # 6752167

Property Type Single Family Residence

Price Type --

Enjoy cabin life in the desirable Kohls Ranch community with this furnished cabin with a large loft and fireplace! Separate entrance on the first level opens to a studio cabin apartment with one bedroom and bathroom that can be used as guest quarters and/or extra rental income possibilities. The 2nd level main cabin provides a full bedroom, walk-in closet, 1.5 bathrooms, laundry room and a LOFT with additional beds currently used as a 3rd bedroom. Double lot has fruit trees (cherry, peach, and apple), a child treehouse, deck, shed, and a private ''quad road'' to drive to the deck and main cabin level from main road. Come see this cherished cabin and envision the memories you can make for yourself.

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5473 N Dakota Drive Eloy, AZ 85131

Open House

$635,000

2 Beds

2.5 Baths

2,070 SqFt

Status Active

MLS # 6778944

Property Type Single Family Residence

Price Type --

Highly upgraded Fresco model with partial mountain views. Enjoy soaring 10- and 12-foot ceilings, tile flooring, 8-foot doors, and plantation shutters, with views of the beautifully landscaped backyard. The kitchen features upgraded cabinets, stainless steel appliances, a farmhouse sink, full-height backsplash, and quartz countertops. The spacious family room includes a built-in bar area, perfect for gatherings. Additional storage is built into the laundry room and garage. Step out back to a private oasis with a built-in BBQ area, Blackstone grill, extended pergola, and 15x30 turf for relaxation and entertainment. Don't miss this gem!

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12122 N Finch Drive Fountain Hills, AZ 85268

Open House

$635,000

3 Beds

2 Baths

1,794 SqFt

Status Active

MLS # 6753161

Property Type Single Family Residence

Price Type --

Super clean and well maintained 3 bedroom, 2 bath patio home in the Morningside at Lakeside community.You will love the bonus room off Primary Bedroom too. Home has newer windows, updated kitchen & bathrooms. Vaulted ceilings make it feel much larger than it is. Private fenced backyard with trees. Attached 2 car garage with new epoxy flooring & direct access to home. Polished Travertine tile throughout, No Carpet. Low maintenance yard and home. Perfect for lock and leave or full time residence. You will appreciate the location to as its Close to the Fountain park, hiking trails, dog park, skate park. Community features a heated community pool, spa, ramada plus a small picnic park.

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10405 W Patrick Lane Peoria, AZ 85383

Open House

$635,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6719383

Property Type Single Family Residence

Price Type --

REDUCED! DON'T MISS THIS AMAZING UPDATED HOME! Absolute pride of ownership in the popular Ironwood community in Northwest Peoria. Open kitchen with white upgraded cabinets and quartz counters. Large and spacious bedrooms. Updated bathrooms and showers. Custom crown molding and barn door. Sparkling private pool perfect for entertaining. Spacious lot tucked back in the neighborhood. Epoxy flooring in the garage and plenty of storage. AC duct upgraded to solid to solid material. Top rated Peoria schools and close to Candeo, Great Hearts, and Basis. Don't miss this meticulously maintained home in one of the best established communities in NW Peoria. Additionally to the garage there are 3 driveway spaces.

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2242 W Myrtle Drive Chandler, AZ 85248

$634,999

3 Beds

2.5 Baths

2,241 SqFt

Status Active

MLS # 6747941

Property Type Single Family Residence

Price Type --

Located in the heart of the desirable Ocotillo area, this amazing home on the double fairway offers stunning views of an award-winning golf course & your private heated spa with a waterfall. Featuring 3 bedrooms plus a loft, this home has been freshly painted inside and out using premium paint. The first floor boasts newly installed modern and durable 12mm-thick waterproof vinyl flooring, while the upstairs is outfitted with brand-new carpeting and elegant wooden shutters throughout.The gourmet island kitchen is a chef's dream, featuring classic cabinets, granite countertops, and a stylish tile backsplash. Additionally, the garage is equipped with ample storage cabinets, ceiling shelves overhead, board wall organizers, and a work station, ensuring all your organizational needs are met.

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2930 N 154th Drive Goodyear, AZ 85395

Open House

$634,999

3 Beds

2.5 Baths

2,614 SqFt

Status Active

MLS # 6722894

Property Type Single Family Residence

Price Type --

This gorgeous 3 bed/2.5 bath home located in the lovely adult golf course community of Pebblecreek just underwent substantial updates and renovations for you to enjoy and call home! Beautiful updates include painted kitchen cabinets, new paint throughout interior of home, new vinyl flooring, fresh New cool deck paint, landscape timer. golf cart garage was converted to an A/C controlled gym. Family room has vaulted ceilings, a fireplace, and built in niche. This home has so much space to enjoy with its over 2600sf, Sparkling private Pebble-Tec pool and above-ground hot tub. 2-car garage has built in storage cabinets, There are outside storage cabinets on one side of the home and a shed on the other for additional storage. Leased solar as an added bonus! You don't want to miss this one!

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20223 W Hollyhock Street Buckeye, AZ 85396

$634,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6698304

Property Type Single Family Residence

Price Type --

Welcome Home to the Estates at Arroyo Seco, our newest Buckeye Community. This Deacon floorplan includes an attached RV garage, plus a tandem two car garage that includes a 220 V 50AMP, pre-plumb for utility sink, soft water loop, garage service door and an RV cleanout. Inside a well-appointed gourmet kitchen with 42'' upper white cabinets, brushed nickel cabinet pulls, quartz countertops, tile backsplash and GE Plus Stainless-steel appliances with a chimney hood and 36'' gas cooktop, includes a walk-in pantry and is flanked by a great room and a dining room with center meet sliding doors leading out to a covered patio. You'll also appreciate the versatile flex-room, two secondary bedrooms with shared access to a full bath with dual vanities, and a primary suite with a private bathroom featuring a deluxe tiled shower with rain shower, dual vanities and ample walk-in closet space. A mudroom and walk-in laundry room round out the interior of the home. This home also includes two-tone paint, 9 x 35 tile flooring throughout and carpet in the bedrooms only. Ceiling fan prewires at all bedrooms, great room, flex room and covered patio; a gas stub at the patio; pre-plumb for a sink at the laundry room; pendant lighting at the kitchen island; exterior coach lights; paver driveway and walkway and front yard landscaping complete the home. This home is situated on an 8760 square foot North facing lot with a double side gate.

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35568 N Lodestone Drive San Tan Valley, AZ 85144

$634,995

4 Beds

2.5 Baths

2,980 SqFt

Status Active

MLS # 6769242

Property Type Single Family Residence

Price Type --

Check out this stunning move-in ready home! The inviting entry features elegant features and vaulted ceilings that immediately makes you feel at home. A chef's dream kitchen comes complete with marble countertops, stainless appliances, and gas cooktop. Embrace relaxation in the sun-filled great room that is bursting with natural light and is adjacent to the kitchen and casual dining area. The outdoor patio offers pristine views of the community as well as additional dining space that is perfect for social gatherings. Discover what luxury living truly means and come visit today!

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21771 E Roundup Way Queen Creek, AZ 85142

$634,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6702179

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch and the Pinecrest plan! This home is 2390 square feet of meticulously crafted living space. With three bedrooms, two and a half baths, and a dedicated study, every corner of this home is designed with purpose. The gourmet kitchen stands as the heart of the home, boasting quartz countertops, upgraded shaker cabinets, and a central island that doubles as a culinary hub and gathering place. The owner's suite is a serene haven, featuring dual closets, a lavish soaking tub, and the added convenience of a private door leading to the covered patio. Outside, both a single-car garage & a 2-car garage offer ample storage for vehicles, outdoor gear, and more, ensuring both convenience and practicality. With amenities like a tankless water heater for efficiency and a charming paver driveway, this home harmoniously blends convenience and sophistication.

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6754 W Andrea Drive Peoria, AZ 85383

Open House

$634,990

3 Beds

2.5 Baths

2,125 SqFt

Status Active

MLS # 6740369

Property Type Single Family Residence

Price Type --

Ready now! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Barstown' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes Burlap Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 8' doors, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Interior photos of similar spec home, options will vary

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1785 S Nebraska Street Chandler, AZ 85286

$634,990

3 Beds

2 Baths

1,847 SqFt

Status Active

MLS # 6773414

Property Type Single Family Residence

Price Type --

Experience luxury living in this stunningly remodeled home, nestled on a generous quarter-acre corner lot. The heart of the home is a chef's dream kitchen, boasting gleaming stainless steel appliances, crisp white cabinetry, an expansive island, and chic granite countertops complemented by a stylish tile backsplash. Relax in the opulence of the fully updated master suite featuring a garden tub, a walk-in shower, and dual sinks. With a versatile bonus room, your options are endless. Transform it into a home office, game room, or formal living space.. Neutral two-tone paint and elegant plantation shutters adorning the windows, create a serene backdrop throughout the home. Parking for up to 6 vehicles in the attached 3-car garage and driveway.

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7432 W Quail Track Drive Peoria, AZ 85383

Open House

$634,900

3 Beds

2.5 Baths

2,125 SqFt

Status Active

MLS # 6755381

Property Type Single Family Residence

Price Type --

October completion! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Barstown' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Home is under construction, photos of similar spec to show layout, options may vary**

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