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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1212 E Indianola Avenue Phoenix, AZ 85014

Open House

$614,999

4 Beds

2 Baths

1,738 SqFt

Status Active

MLS # 6675839

Property Type Single Family Residence

Price Type --

Welcome to this well-built 1950s mid-century modern with a total 2023 remodel from top to bottom. Upgrades include a new roof, new electrical panel, dual pane windows, energy efficient HVAC, all new flooring, fully upgraded kitchen with huge island and quartz countertops, all new appliances, newly renovated bathrooms, paver patio, sidewalk and driveway, tankless water heater, irrigation system. On suite bathroom in the master bedroom with a walk-in closet, 3 additional large bedrooms, as well as a bonus room/home office. Step out into privacy in your fully fenced backyard with a beautiful patio to enjoy the Arizona sunshine! Located in the heart of Central Phoenix minutes from downtown, Arcadia/Biltmore and highway 51. This is truly the perfect location!

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23969 N 171st Lane Surprise, AZ 85387

$614,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6684307

Property Type Single Family Residence

Price Type --

Welcome to your exquisite new home residence. Darius provides a sophisticated and accommodating ranch-style layout. Popular multi-generational living layout. Talk about curb appeal. Love at first site with the modern upgraded elevation. The inviting front entrance opens up t a very spacious layout. Abundance of much desirable features including spacious great room open to gourmet kitchen complimented by10 ft ceilings and center meet door to open to the covered patio and backyard. Perfect for all gatherings. In addition to a lavish owner's suite—with a roomy walk-in closet and attached double-sink bath—this home includes a second owner's suite with an adjacent living room, perfect for multi-generational living or a flex space that an be utilized best for your desired livability. Jack and jill bathroom off bedroom 2 & 3 . Split

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21864 E Saddle Court Queen Creek, AZ 85142

$614,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6730732

Property Type Single Family Residence

Price Type --

The single-story Cassandra plan showcases an open layout with a great room with a multi-sliding glass door, a breakfast nook, a large gourmet kitchen and a 2-car garage. The primary suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby study.

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16711 W Saguaro Park Lane Surprise, AZ 85387

$614,990

4 Beds

3.5 Baths

2,664 SqFt

Status Active

MLS # 6767427

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. This Parklane floorplan offers 4 bedrooms, 3.5 baths, a garage extension, and a glass no-step walk-in shower. Notable features include 8' interior doors, built-in appliances, granite kitchen countertops, and gas stubs in the kitchen, backyard for BBQ, and laundry for a gas dryer.

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37750 W Padilla Street Maricopa, AZ 85138

$614,990

4 Beds

3.5 Baths

2,024 SqFt

Status Active

MLS # 6762739

Property Type Single Family Residence

Price Type --

Move in FAST to this completed home! Say hello to luxury, Maricopa! This captivating Flagstaff floorplan features an expansive great room, Media room, Extra Suite with kitchenette, and stunning kitchen appointed with stacked cabinetry, gas stove top, and double ovens! Relax in your Primary suite and resort like bath with freestanding tub. The great room and adjacent patio are ideal for hosting gatherings. The tandem 4 car garage is perfect for storing offroad toys! With 10ft ceilings, 8ft doors, and 8,750 sq ft homesites, come see why K. Hovnanian is the First Name in Lasting Value! ^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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32018 N 117th Avenue Peoria, AZ 85383

$614,990

4 Beds

3 Baths

2,012 SqFt

Status Active

MLS # 6755506

Property Type Single Family Residence

Price Type --

Larkspur - 4 bed/3 full baths. Stainless steel gas appliance package with 36'' cooktop, wall oven, microwave, glass canopy hood. Sonoma Maple Linen-off white cabinets with black hardware, 42'' kitchen uppers. Upper and lower cabinets at owner's entry, and cabs in laundry room. AZT Steel gray granite tops in kitchen and all baths. Upgrade flooring - Mohawk Wood laminate Driftwood in all areas except beds & closets and so much more. Amenity Rich Mystic includes a Resort Style community pool, Rec center with year-round events, Hiking paths & community parks. The perfect location- close to shopping, restaurants, golf, Lake pleasant and the loop 3. PHOTOS OF THIS LISTING ARE OF THE CLOVER MODEL HOME.

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2212 W Chisum Trail Phoenix, AZ 85085

$614,990

3 Beds

2.5 Baths

1,976 SqFt

Status Active

MLS # 6784079

Property Type Single Family Residence

Price Type --

Welcome to the Perata plan, a 3 bedrrom, 2.5 bathroom floorplan offering 1,976 square feet of elegant living space with a charming Farmhouse exterior with artificial turf in the front yard enhancing the home's curb apeal. As you step onto the pavers at the covered entry, you'll immediately appreciate the attention to detail in every corner of this beautifully crafted home. Stepping into the home, the white paint grade mission stair rail adds a touch of traditional craftsmanship while the 8' interior doors adorned create a sense of grandeur. This home's kitchen and greatroom open to a spacious outdoor space with a gas stub for BBQ ensuring the possibilities of effortless outdoor entertaining. The heart of the home, the kitchen, features stainless steel GE appliances including a 36'' chimney hood, a built-in gas cooktop with five burners, and a built-in wall oven and microwave with trim kit. There are white-painted 42 upper shaker cabinets at the kitchen perimeter and shale cabinets at the island with satin nickel and matte black hardware. A large single basin stainless steel sink with a Moen stainless steel kitchen faucet completes this chef's dream kitchen. All bathrooms feature Moen Eva 8 widespread brush nickel premium faucets. The bathrooms continue the theme of elegance with shale painted shaker cabinets and crisp white cultured marble tops with rectangular sinks. Throughout the downstairs, bath 2 and the laundry upstairs, you'll find durable 6x36 Natural wood look tile, while the primary bathroom boasts a serene 12x24 AZ Futura Tile in the shade Ivory which compliment the enlarged primary bath shower with white cultured marble surrounds and 3/8 glass, perfect for unwinding after a long day. All flooring is elegantly trimmed with upgraded 4 ¼ baseboards. This home is complemented by a soft water loop located in the garage for added convenience. Union Park offers Tree-lines streets, pedestrian-friendly sidewalks and 5,500 sq ft recreation center with resort style pool and kiddie pool, shared ramadas, parks, gathering areas, pickleball courts and basketball. Close to I-10 and 303. Walking distance to restaurants, movies, entertainment, and shopping.

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11458 E Utah Avenue Mesa, AZ 85212

$614,990

4 Beds

3 Baths

2,474 SqFt

Status Active

MLS # 6787361

Property Type Single Family Residence

Price Type --

Welcome to ''The Pearl,'' a stunning four-bedroom, three-bathroom farmhouse-style home featuring a guest retreat. With 10-foot ceilings and 8-foot doors, this home boasts an open, airy feel. The great room opens to a covered patio through a 4-panel center slider, perfect for indoor-outdoor living. The gourmet kitchen includes a 36-inch gas cooktop, charcoal shaker cabinets with hardware, a tile backsplash, and quartz countertops. Upgrades abound, including 6''x36'' wood-look tile in the main areas, and upgraded bathroom lighting, faucets, and fixtures. Experience luxurious living in this beautifully designed home..

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865 S Oak Street Gilbert, AZ 85233

New

$614,900

4 Beds

2 Baths

2,243 SqFt

Status Active

MLS # 6787824

Property Type Single Family Residence

Price Type --

Welcome to this delightful 4-bedroom residence in Raven Ranch! You're greeted by a spacious 3-car garage and a tasteful desert landscape. Discover a bright living room with high ceilings, a cool palette, plantation shutters, and wood-look flooring. The great room includes sliding door access to the backyard and ample windows for abundant natural light. Cook delicious meals in the spotless kitchen, equipped with wood cabinetry, recessed lighting, stainless steel appliances, a handy pantry, and a peninsula with a breakfast bar for quick meals. The serene main bedroom offers a sitting nook, an ensuite with double sinks, and a walk-in closet. Venture out onto the backyard, complete with a covered patio, lush natural turf, and a refreshing pool. Make this gem yours today!

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3043 E Rose Lane Phoenix, AZ 85016

$614,900

2 Beds

2 Baths

1,185 SqFt

Status Active

MLS # 6696353

Property Type Townhouse

Price Type --

This charming, newly renovated 2 bed, 2 bath townhome is situated on the prestigious Biltmore golf course and offers amazing views and amenities. The kitchen opens to the family room overlooking the patio and course. The bedrooms and baths are separated offering privacy. The community offers a swimming pool, spa, guard gate and tennis court. Plenty of room for parking between the single private garage and the covered public one.

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21225 W Wilshire Drive Buckeye, AZ 85396

$614,900

4 Beds

2.5 Baths

2,322 SqFt

Status Active

MLS # 6713534

Property Type Single Family Residence

Price Type --

Picture yourself enjoying the fall sunsets on your private patio next to your heated pool, perfect for entertaining family and guests, or maybe just your own quiet time This stunning 4-bedroom, 3-bathroom gem with a den features a modern design and an open floor plan, perfect for both family life and entertaining. The gourmet kitchen is a chef's delight, boasting contemporary appliances, a large island, sleek tile backsplash, quartz countertops, and ample cabinetry. Step outside to your private oasis with a fully landscaped yard and a luxurious heated pool, perfect for year-round enjoyment. The home also offers a three-car tandem garage, solar system for energy savings, and double gates to conveniently park your toys. Nestled on a desirable corner lot, this home is an absolute must-see

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3948 E Gold Mountain Avenue San Tan Valley, AZ 85143

$614,857

4 Beds

3 Baths

3,146 SqFt

Status Active

MLS # 6776756

Property Type Single Family Residence

Price Type --

Enchanting new home featuring designer selections, a split floor plan, and north/south exposure. Located in Bella Vista Farms, homeowners have access to their community pool and playground. The kitchen boasts a GE Executive kitchen appliance package including double ovens and a gas cooktop, there are also Delta Terra Quartz Zinc countertops and Aristokraft 42'' cabinets in Benton White. Other highlights in the home include a frameless walk-in shower at the primary suite and Vicinity White 6 x 36 Matte Wood like tile flooring. Utilities for this home include: Mesa Gas, EPCOR Water, and Rural Metro.

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