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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3128 E Cheryl Drive Phoenix, AZ 85028

$624,900

4 Beds

3 Baths

2,195 SqFt

Status Active

MLS # 6734743

Property Type Townhouse

Price Type --

Built in 2019, lock & leave, ready to move in, Mountain views & a convenient location to so much, what more could you ask for? Artisan Duette is a TH community (which lives & feels like SF home because of the construction) of 22 homes that are tucked away in the Phoenix Mountain Preserve neighborhood &close to the 51. This fabulous home features 4 bedroom (plus loft), 3 bathrooms & 2 car garage. 1bd/ba downstairs. Light & bright w/ 9' & 10' ceilings, 5'' baseboards, smooth textured walls, modern lighting etc. are just some of the upgrades. A chefs kitchen w/ tons of storage, SS appliances, pull out drawers in pantry, quartz counters & spacious island opening to the living areas. 10' sliding doors open to low maintenance covered patio & yard w/ private gate to dog park/greenbelt & pool Coffee spots, dining, pet stores, grocery, pharmacy, auto services, shopping etc...are within walking distance. The new PV Mall, Trader Joes, Costco etc... are nearby. You will want to live here!!

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8638 E Palm Lane Scottsdale, AZ 85257

$624,900

3 Beds

2 Baths

1,470 SqFt

Status Active

MLS # 6737598

Property Type Single Family Residence

Price Type --

Freshly updated and just a short drive to Old Town. Large open floor plan. The Farm House Modern style immediately makes you feel at home. Kitchen and laundry room appliances come included. Large pool surrounded by grass. Automatic irrigation. No HOA. Currently has tenants in place for the next 7 months, they are open to continuing lease or ending the lease early as well for an owner/ occupant buyer.

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1002 E Pierson Street Phoenix, AZ 85014

$624,900

4 Beds

3 Baths

1,631 SqFt

Status Active

MLS # 6751474

Property Type Single Family Residence

Price Type --

MAIN HOUSE 3 bedroom/2 bath. GUEST HOUSE 1 bedroom/1 bath with a seperate entrance and backyard. The MAIN HOUSE and the GUEST HOUSE are on seperate water meters and electric meters. You'll love the delightful interior of MAIN HOUSE enhanced with soothing paint tones, ceiling fans, beautiful wood-style flooring, & recessed lighting. The impeccable kitchen has sleek SS appliances, captivating quartz counters, matte black wood cabinetry, & a peninsula w/breakfast bar. Primary bedroom offers an immaculate ensuite w/dual sinks, a step-in glass shower, & a walk-in closet. . Take advantage of the updated GUEST HOUSE comes with a sizable living/dining room, a kitchenette, a bedroom, & a bathroom. Out the back, you have a covered patio & a pergola, which are excellent for relaxation.

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200 Moons View Road Sedona, AZ 86351

$624,900

2 Beds

2 Baths

1,824 SqFt

Status Active Under Contract

MLS # 6691061

Property Type Single Family Residence

Price Type --

Welcome to your dream retreat in the heart of the enchanting Sedona red rocks! This two bed two bath home with two car garage is nestled amidst the stunning landscapes and vibrant energy that Sedona is world renowned for. Enjoy breathtaking, unobstructed views of Sedona's iconic red rock formations from the comfort of your own home, or from the large fully enclosed Arizona bonus room. Nestled just off the 11th hole of the Oak Creek Country Club Golf Course, this traditional Sedona style home is located in a quiet Oak Creek neighborhood, yet close to all the amenities the Village of Oak Creek has to offer - hiking, biking, Oak Creek, shopping, golf and world class dining. Start your Sedona journey today!

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10060 E Tumbleweed Avenue Mesa, AZ 85212

$624,900

2 Beds

2 Baths

1,953 SqFt

Status Active

MLS # 6762798

Property Type Single Family Residence

Price Type --

Popular London Model with 2 bed /2 bath, den, & stunning pool/backyard! One of the most extensive upgraded homes in Encore at Eastmark. High end 24x24 porcelain tile throughout home. Upgraded kitchen package with extended upper & lower cabinets. Upgraded tone toned quartz on island, countertops, and backsplash. No culture marble showers here! High end upgraded bathrooms with tile surrounds to ceiling, deco band, niche, and large sitting bench in oversized walk-in shower. Refreshed Kool deck and 2-stage pool pump in 2022. New exterior paint in 2024. Enormous multi slide back yard patio door with retractable screen. Extended covered patio with semi-custom BBQ grill/Firepit, and bar. Custom blinds in primary room, high end security screen door, as well as ring doorbell/cameras. LOOK see Custom cabinetry in the garage, spacious laundry, and mudroom. Amenities galore in Encore to keep you entertained year-round. A major appeal of this 55+ community is its luxurious clubhouse that offers residents a rich lineup of exclusive indoor and outdoor resort-style amenities for a vibrant and active lifestyle. The 15,000 square-foot Encore Club is the central hub of physical activity and social recreation. It features state-of-the-art facilities such as a fitness center with weights, a cardio room, as well as an aerobics and dance studio where residents can stay in shape without paying expensive gym membership fees. Homeowners can freshen up in the locker rooms and then meet up with friends in the internet café, billiards, or banquet room for some fun. The Encore Club also has a classroom, arts and crafts studio, and library, which is perfect for residents who want to learn or explore a new hobby. They can swim laps in the resort-style pool or relax in the adjacent spa. Residents who want more recreation or a challenging game can play on one of the sports courts provided, including tennis, pickleball, and bocce ball. An event lawn is the perfect place to attend a social function, and the playground is a great spot to spend time with the grandkids when they come to visit. The community is surrounded with parks and natural space as well as miles of meandering walking and biking trails that are ideal for leisurely strolls or brisk jogs. With so many top-notch amenities, residents are sure to stay busy and active throughout the week. In addition to these world-class amenities, the Encore Club also hosts a full calendar of social events, fitness classes, daily activities, social clubs, and special interest groups. An on-site activities director is also available to help plan, organize, and develop new activities, hobbies, trips, and events that allow residents of the community to explore new interests and bond with other like-minded adults. Encore at Eastmark is an active adult community that promotes a vibrant and welcoming lifestyle that retirees will love in Mesa, Arizona.

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4078 E Catclaw Street Gilbert, AZ 85296

$624,900

5 Beds

3 Baths

1,951 SqFt

Status Active

MLS # 6775699

Property Type Single Family Residence

Price Type --

Welcome to this beautiful single level home in Warner Meadow. As you enter the home through the entryway there's a secondary bedroom with a full size bathroom, which is a great option for overnight guests. Continuing on leads you straight into the kitchen with its beautiful countertops and ample cabinet space. This connects effortlessly into the dining room/great room through an open-concept layout. The primary bedroom is large with a luxurious bathroom, dual sinks and walk in closet. The cozy backyard boasts pavers and synthetic grass. This is a must see!!

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11511 E Monte Avenue Mesa, AZ 85209

$624,900

3 Beds

2 Baths

2,241 SqFt

Status Active

MLS # 6775940

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated 3-bedroom, 2-bath residence in the 55+ Community of Sunland Springs Village! Inside, you'll find a spacious living room with soaring vaulted ceilings, a soothing palette, plantation shutters, and durable tile flooring. The eat-in kitchen comes with quartz counters, abundant new cabinets, a mosaic tile backsplash, stainless steel appliances, and a large island with a breakfast bar for casual meals. The cozy main bedroom offers an ensuite with double sinks, a walk-in shower, and large walk in closet. Venture out onto the backyard, complete with a covered patio and a quaint shed for added storage. Make this gem yours now!

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36646 N 21st Street Phoenix, AZ 85086

$624,900

4 Beds

2 Baths

2,232 SqFt

Status Active

MLS # 6747023

Property Type Single Family Residence

Price Type --

This 2.5-acre property is worth a look if you're ready for a project. The 4-bedroom, 2-bathroom home has a pool, but it's going to need updating. Priced Accordingly. On the plus side, there's no HOA to deal with, so you're free to do whatever you want with the space. The property includes city water access, an oversized horse arena, stalls for up to 8 horses and a detached open-front building that could be used as a workshop or storage for RVs and other large vehicles. The home is a territorial-style build with expansive views, but it's far from perfect. While it's close to the freeway, shopping, and schools, be prepared to put in the effort to make this place your own and realize it's true potential!

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1263 E Brookwood Court Phoenix, AZ 85048

$624,900

4 Beds

3 Baths

2,388 SqFt

Status Active

MLS # 6740181

Property Type Single Family Residence

Price Type --

NEW AC Unit 11/24 -Big price reduction. Beautiful 4 bedrooms plus loft 3 baths home .Private Gated Community. Step inside to a Dream Kitchen with gorgeous re finished white cabinets and upgraded countertops. Stainless steel appliances. kitchen island. Pantry Modern Light fixtures. Cozy great room with recess Lights. Neutral wood plank tile floors. Upstairs features Large Main Bedroom and Bath with separate Tub and shower large walking closet Dual Sinks 2nd & 3rd bedroom with walk in closet. Large open loft is great for playroom, Office or create your own custom space. Laundry Room with cabinets. One bedroom and baths downstairs for your guest or office. Shutters throughout the home. Modern ceiling fans. Low maintenance back yard with pavers and artificial turf area. HOA maintains front yard. Steps away from community pool. This area offers access to 202 freeway. YMCA. Shopping, Foothills Park. South Mountain Preserve for those who love to hike. Come take a Look.

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27187 W Mohawk Lane Buckeye, AZ 85396

Open House

$624,900

3 Beds

3 Baths

2,452 SqFt

Status Active

MLS # 6773872

Property Type Single Family Residence

Price Type --

A STUNNING VERANDA Model offering an abundance of upgrades on an oversized 9,656 sq ft Walled PRIVATE lot!! This Artistically Appointed 2,452 sq ft home has a split 3-Bdrm Floorplan, 2.5 Bath, Den and Large Gathering Room! Designer Features include a Gourmet Kitchen w/ Upgraded Staggered Cabinets, Gleaming 'Indian Parana' Granite, Custom Backsplash, Center Island, Eating Bar, and newer S/S Appliances! Upgraded Kohler Light fixtures, Custom Paint and Window Coverings grace the home. Gathering Room includes Entertainment Center with Samsung 65'' TV. French Doors from guest bdrm to the patio! The 3-Car Garage includes custom built-in Cabinets & Work Bench. 2010 EZ-GO GOLF CART IS INCLUDED! Newer 5-Ton A/C and PAID SOLAR! Enjoy entertaining in this IMPRESSIVE PRIVATE Backyard with Pergola Covered Extended Patio, BUILT-IN Heaters, Magnificent Water Feature and ELEVATED Seating Area with Natural Gas Firepit! Too amenities to list!! If interior custom paint colors are not acceptable, the seller will consider repainting at the buyer's request. This floorplan is no longer offered. If you are looking for something EXCEPTIONAL, this is the home for you!

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41216 N Prestancia Drive Anthem, AZ 85086

Open House

$624,900

3 Beds

2 Baths

2,082 SqFt

Status Active

MLS # 6764616

Property Type Single Family Residence

Price Type --

Fall in love with this wonderfully upgraded and updated Telluride model in Anthem Country Club. Wonderful floor plan with multiple entertaining spaces. Enter the home from the front courtyard to a cozy living room and formal dining room. Kitchen has it all with tons of cabinets, beautiful granite counter tops and awesome island/breakfast bar. Main bath has been remodeled and is a must see and the secondary bath has granite counters and dual sinks. The family room off the kitchen and is where everyone hangs out and you can exit to the wonderfully landscaped backyard with built in BBQ and beautiful golf, mountain and sunset views awaiting you!! This home is the perfect size for full time living or locks and leave for the summer. Cozy up to the outdoor fireplace on an elevated patio to watch the magical AZ Sunset! WELCOME HOME! Anthem Country Club is home to two 18 hole championship golf courses with two restaurants, 2 work out rooms, 2 pools, tennis, pickle ball, bocce ball and lots of fun people!

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13600 N Fountain Hills Boulevard Unit 903 Fountain Hills, AZ 85268

Open House

$624,900

3 Beds

3 Baths

2,196 SqFt

Status Active

MLS # 6699821

Property Type Townhouse

Price Type --

Welcome to your dream home nestled in the gated community of La Strada, offering not just a residence, but a lifestyle. This meticulously crafted abode boasts 3 bedrooms and 3 bathrooms spread across a spacious 2196 square feet. Upon entering, you'll be greeted by breathtaking mountain views that serve as the backdrop to your everyday life. The home exudes elegance and modernity with remodeled bathrooms and kitchen featuring updated cabinets, luxurious Quartz countertops and no-fingerprint stainless steel appliances that elevate your culinary experience. The 2-car epoxy floor garage not only provides ample space for your vehicles but also offers convenient storage solutions. Inside, the living space is adorned with updated flooring and an inviting electric fireplace, perfect for cozy... evenings with loved ones. The primary suite is a sanctuary unto itself, boasting a huge rain glass shower and no-slip oversized tile, along with meticulous organized closets featuring built-in storage solutions. For the connoisseur, a built-in wine refrigerator awaits, while the custom coffee bar ensures your mornings are off to a delightful start. The kitchen features a sleek graphite sink, adding a touch of sophistication to your culinary endeavors. Entertaining is a breeze with a powder room showcasing a custom driftwood countertop and vessel sink. Additionally, the she-shed offers versatile space that can be transformed into an office, fitness area, or craft space, catering to our every need. Beyond the confines of your home, the gated community of La Strada offers resort-style amenities, including a pool. Centrally located, you're just a short walk or drive away from shopping, restaurants, and the famous fountain, allowing you to indulge in the vibrant lifestyle this community has to offer.

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