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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20340 N Canyon Whisper Drive Surprise, AZ 85387

$615,000

3 Beds

2.5 Baths

1,950 SqFt

Status Active

MLS # 6769126

Property Type Single Family Residence

Price Type --

One of the most coveted models in The Grand. Borgata offers a split bedroom floorplan. In addition this home has a detached casita with a 256 sq. ft. guest quarters. As you enter the paver extended patio courtyard, you will instantly feel the privacy ready for your enjoyment. As you enter the front you will feel the openness of the expanded Arizona room complete with gas fireplace. Granite counters in the kitchen.

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8720 N 182nd Lane Waddell, AZ 85355

$615,000

6 Beds

3.5 Baths

4,067 SqFt

Status Active

MLS # 6775498

Property Type Single Family Residence

Price Type --

Beautiful spacious home located in a lovely neighborhood near the mountains, yet still close to the freeway and shops! This beautifully updated home features a brand new patio slider that opens to a spacious backyard complete with a new hot tub, perfect for unwinding. Inside, enjoy fresh paint and updated flooring throughout, creating a modern and inviting atmosphere. The massive master suite provides a peaceful retreat, complemented by very large additional bedrooms. A bonus den and separate office space offer endless possibilities for work, play, or relaxation. Don't miss out on this one!

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5418 N Annie Court Litchfield Park, AZ 85340

$615,000

4 Beds

2.5 Baths

2,961 SqFt

Status Active

MLS # 6780462

Property Type Single Family Residence

Price Type --

Welcome to Luxury Living. Move-in ready NOW - NO waiting on construction delays or dealing w/the dust/noise, and the enormous expense of Professional Landscaping & Costly Builder upgrades. Ready to Enjoy today & Priced Competitively to Sell. This home checks every one of your boxes on your wish list: Custom Sparkling Pool w/Calming Sheer decent water feature, Gas Fire Pit w/ seating area, Low maintenance Lush Extensive/Expensive/inviting landscape w/Mountain Views on a 1/4 acre lot! 3000 sqft, Single level, 3 car-garage on a quiet/friendly corner cul-de-sac lot. Split floorplan, Great Room living for Family & Entertaining Friends. Upgraded Kitchen w/Gas cooking, Extended/Upgraded Cabinetry. HUGE Primary bedroom en-suite that includes His/Her Closets, soaking tub & Walk in Snail shower

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2629 W Quick Draw Way San Tan Valley, AZ 85144

$615,000

4 Beds

2.5 Baths

2,498 SqFt

Status Active

MLS # 6780392

Property Type Single Family Residence

Price Type --

THE HOME YOU'VE BEEN WAITING FOR! This dream home features Elegance, pride in ownership, a backyard oasis & upgrade throughout! Enjoy your spacious home which includes 4-bedroom's, a 3-car garage, RV gate, Interior boasts an inviting living & dining room, wood-look flooring, and tall vaulted ceilings that add to the airy feel. Desirable great room bathed in natural light is perfect for hosting lively get-togethers. Open-concept kitchen provides recessed lighting, abundant cabinetry, stainless steel appliances, quartz counters, a center island with a breakfast bar, subway tile backsplash, and a walk-in pantry. You'll surely love the spacious main retreat, showcasing an ensuite with dual sinks, an enclosed glass shower, and a walk-in closet. The backyard Oasis is every homeowner's dream! Oversized backyard won't disappoint, offering a covered patio, gazebo, storage shed, and a sparkling pool with water features. Seize the opportunity while it's still available!

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6979 S Wilson Drive Chandler, AZ 85249

$615,000

3 Beds

2 Baths

2,137 SqFt

Status Active

MLS # 6787032

Property Type Single Family Residence

Price Type --

Welcome Home to this gorgeous single-level, move-in-ready home in South Chandler. As you enter through the custom steel security screen and front door you are greeted with a neutral color palate, clean lines, and a view straight through to the backyard. This well-cared for two-owner home features a large master bedroom and bathroom with a walk-in closet, water closet, dual sinks, and a separate tub and shower. This master bedroom is split from the 2 guest bedrooms that are located on the opposite side of the house. The flex room, located near the front entrance, offers endless options. The beautiful kitchen has been updated with stainless steel appliances, freshly painted white cabinets, and has reverse osmosis water at the kitchen sink. The cozy gas fireplace is the perfect addition this Welcome Home to this gorgeous single-level, move-in-ready home in South Chandler. As you enter through the custom steel security screen and front door you are greeted with a neutral color palate, clean lines, and a view straight through to the backyard. This well-cared for two-owner home features a large master bedroom and bathroom with a walk-in closet, water closet, dual sinks, and a separate tub and shower. This master bedroom is split from the 2 guest bedrooms that are located on the opposite side of the house. The flex room, located near the front entrance, offers endless options. The beautiful kitchen has been updated with stainless steel appliances, freshly painted white cabinets, and has reverse osmosis water at the kitchen sink. The cozy gas fireplace is the perfect addition this time of year not just for ambiance but to quickly heat the house as well. Throughout the house you'll notice all new door hardware, faucets, light fixtures, baseboards, and electrical outlets. In 2022, two brand new AC units were installed followed by new interior and exterior paint, new carpet and baseboards, and a new 50-year roof in 2023. In 2024, the seller replaced the sunscreens and backyard irrigation. He also added artificial grass to the front yard. The 3-car split garage offers flexibility and includes side-mounted electric openers with battery backup that control insulated doors, tons of electrical outlets, built-in storage, and access to the attic and the backyard. When entering the backyard from the family room or master bedroom you'll find a covered patio with epoxy-coated stamped concrete and an electric rolling shutter perfect for hot summer evenings, cold winter mornings, and those dirty summer haboobs. Past the patio, you'll find beautiful green grass and a mixture of trees, shrubs, and rocks. If that's not enough, this home also includes Ring security devices, a washer & dryer, and all kitchen appliances. The only things you'll need to make this home yours are furniture and clothes. Welcome Home.

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2747 N Fairview Drive Flagstaff, AZ 86004

$615,000

2 Beds

2 Baths

1,476 SqFt

Status Active Under Contract

MLS # 6785006

Property Type Townhouse

Price Type --

HURRY! These golf course lot Townhouses don't come on the market that often. This is your opportunity to own a home in the popular Continental Country Club community. Literally step off your back deck onto the golf course, located adjacent to the 9th green. Also, a very short walk to all the amenities, pool, pickle ball & tennis courts, golf shop, fitness center, including remodeled - The Oakmont restaurant. HOA membership includes the Bear Paw Recreation Center. In 2021 new roof and remodeled kitchen with stainless steel appliances, white cabinets and granite countertops and luxury vinyl tile. Sit and relax on your private deck or from the inside next to your cozy fireplace, while enjoying the beautiful panoramic golf course and mountain views. Vaulted ceilings! Furnished! Hiking trails!

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8949 W San Juan Avenue Glendale, AZ 85305

$615,000

3 Beds

3 Baths

2,428 SqFt

Status Active

MLS # 6784692

Property Type Single Family Residence

Price Type --

Just 1.8 miles from the vibrant Westgate Entertainment District. This beautiful 2,428 SF Fifth Ave Floor Plan is upgraded with over $60,000 in enhancements, Home features include a Wi-Fi-connection a dual-zone AC unit w/independent smart thermostats, Custom Window Treament, Owner Suite has Custom Closet. Custom Floor to ceiling master bedroom shelving Custom drying rack in laundry room Custom pottery barn drapery on first floor, Automatic shade in loft area Complete black out shade in secondary bedroom (perfect for family with young children) Floor to ceiling tile sauna like shower, Soft water System - TOO MANY UP GRADES to MENTION *Come see this home* This Premiun corner Pool Size Lot is next to the green belt with only 1 neighbor The backyard is a blank canvas, offering you the unique opportunity to design and create your own private oasis. Just 1.8 miles from the vibrant Westgate Entertainment District. This beautiful 2,428 SF Fifth Ave Floor Plan is upgraded with over $60,000 in enhancements, Home features include a Wi-Fi-connection a dual-zone AC unit w/independent smart thermostats, Custom Window Treament, Owner Suite has Custom Closet. Custom Floor to ceiling master bedroom shelving Custom drying rack in laundry room Custom pottery barn drapery on first floor, Automatic shade in loft area Complete black out shade in secondary bedroom (perfect for family with young children) Floor to ceiling tile sauna like shower, Soft water System - TOO MANY UP GRADES to MENTION (See Document Tab.) This 3-bedroom home also includes an office (convertible room), a loft, and 2.5 baths, offering plenty of space for family & friends.The Sellers are moving to be closer to family after recently welcoming their first newborn. Don't miss out on this rare opportunity to own a beautifully upgraded brand new home that has Never had Pets, be the 1st, in a prime location! This one won't Last. ALL Wonderfully upgraded Appliances Stay

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8858 E Dahlia Drive Scottsdale, AZ 85260

New

$615,000

3 Beds

2 Baths

1,349 SqFt

Status Active

MLS # 6787958

Property Type Single Family Residence

Price Type --

This beautiful remodeled 3 bedroom 2 bath home has everything you could ask for including being listed in the coveted 85260 zip code. The home was recently remodeled with new counters, cabinets, appliances, ceiling fans, fixtures, front door, artificial turf, RO System and canned lights. New HVAC system in last 2 years! The floor plan is open and well designed with vaulted ceilings. Covered patio and beautiful backyard! Enjoy the community park, pool & tennis courts, bike and walking paths. Perfect location, just minutes from the 101, shopping and great restaurants.

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2724 W Blue Eagle Lane Phoenix, AZ 85086

New

$615,000

4 Beds

2 Baths

2,079 SqFt

Status Active

MLS # 6787668

Property Type Manufactured Home

Price Type --

This beautiful 4 bedroom, 2 bath home with NO HOA has over 2,000 sq ft and a perfect blend of functionality, comfort, and breathtaking natural beauty. Nestled on over an ACRE of land, in a serene location with captivating mountain views, this property also has an INSULATED 6+ CAR GARAGE (1500 SF) with ample room for vehicles, storage or WORKSHOP! Inside, the home features a split floor plan with each of the 4 bedrooms having a walk-in-closet providing amazing storage space. The kitchen counters have 4 full slabs of granite (no seams) providing tons of counter space, with a large center island and is complimented by a large dining room and family room with new flooring throughout. This home is truly a rare find. Only 3 houses on this street, so no through traffic. Solar tubes add even more natural light. House has u-shaped/half circle drive with lighted posts on each end. See today and experience all it has to offer.

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4257 E County Down Drive Chandler, AZ 85249

$615,000

5 Beds

3 Baths

2,376 SqFt

Status Active

MLS # 6771098

Property Type Single Family Residence

Price Type --

It's a Beauty! Spectacular T.W. Lewis designed 5 FULL Bedroom/ 3 FULL Bath single level home on corner lot in Chandler's highly soughtafter community, Sun Groves. You'll love this split floor plan model with two master suites-perfect for the extended family. Kitchen boasts lovely white quartz countertops w/complimentary cabinets (including a coffee bar!), stainless steel appliances, pantry and island. Large dining space. Oversized primary suite with separate tub & shower, walk-in closet and private exit to Entertainer's Dream backyard. Cool off in your sparkling play pool and enjoy starlight evenings in spacious 10x10 Gazebo. Parking galore with extended driveway pavers plus RV gate opens to 42'x16' concrete pad.. bring your toys! Awesome Mustang Park is right across the street! WOW! Mustang Park offers a picturesque setting for walkers and runners alike. With its well-maintained trails and scenic surroundings, the park is an ideal location for outdoor activity enthusiasts. Whether you enjoy walking, running, or engaging in various sports activities, Mustang Park has something to offer for everyone. The park features essential amenities such as leisure playgrounds and shelters, providing a comfortable and enjoyable experience for visitors. Additionally, sports facilities including basketball and beach volleyball courts are available, catering to those looking for more active pursuits. If you are looking for a place to engage in walking, running, or other outdoor activities, Mustang Park in Chandler is the perfect destination to enjoy a fulfilling and rejuvenating experience.

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14035 S 35th Circle Phoenix, AZ 85044

$615,000

4 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6778875

Property Type Single Family Residence

Price Type --

Welcome to this beautiful four-bedroom, two-bath home in the highly sought-after Mountain Park Ranch! Nestled on an oversized cul-de-sac lot, this property boasts an entertainer's dream backyard with a fenced pebble tech swimming pool, extended paver patio, and a spacious grassy area perfect for outdoor fun. Inside, the open floor plan creates a warm and inviting space, with a split-owner suite offering privacy and comfort. The kitchen features an island with a breakfast bar, ideal for morning gatherings. Recent updates include durable, waterproof wood-look vinyl plank flooring and fresh paint throughout. This family-friendly home is conveniently located within walking distance of top-rated schools, dining, shopping, and entertainment. A must-see gem in a fantastic neighborhood!

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1325 E Monte Vista Road Phoenix, AZ 85006

$615,000

3 Beds

3 Baths

1,155 SqFt

Status Active

MLS # 6787609

Property Type Single Family Residence

Price Type --

Discover this very rare 3-bedroom, 3-bath darling bungalow in the Coronado Historic District. Built in 1939, this great home is nestled in a great neighborhood. Inside, you'll find a split floor plan with separate dining, original coved ceilings in the main living area, and stained concrete floors throughout. The kitchen has been refreshed with new appliances, new disposal and new faucet. Two of the bedrooms include ensuite baths and all three bathrooms have been completely remodeled, including plumbing, all new fixtures, tile, and toilets. Newer electrical and insulation. The large backyard features a covered patio, firepit, alley access, and a storage shed. Front and back yard have been overseeded with winter grass. This is not a flip but a fantastic remodel! Must see, you'll love it.

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