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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10103 E Plata Avenue Mesa, AZ 85212

$595,900

4 Beds

3 Baths

2,146 SqFt

Status Active

MLS # 6752877

Property Type Single Family Residence

Price Type --

Seller will help pay Buyers Closing Cost/Rate Buy Down w/Right Offer! Beautifully Remodeled Home in the HIGHLY DESIRED Santa Rita Ranch Community. Complete Remodel includes NEW CABINETS, Fixtures, Flooring throughout,Quartz Counters, Paint, HVAC (2019). No Expense Spared. This charming home has 4 OVERSIZED Bedrooms, and 3 FULLY REMODELED baths. LOW maintenance TURF in both front and back yards. The backyard boasts a HUGE covered patio for entertaining along with a FULLY featured PEBBLETEC POOL with large GREENBELT backing the home for an airy and private experience. This home is centrally located near valley freeways, award winning Shopping/Restaurants and GILBERT Schools. This home WILL EXCEED all your expectations.

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2214 S Las Flores -- Mesa, AZ 85202

$595,900

4 Beds

2 Baths

2,029 SqFt

Status Active

MLS # 6783800

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled home, featuring modern upgrades and an inviting open layout. The kitchen is a standout, complete with a large peninsula, brand new stainless steel appliances, and sleek white cabinetry, offering both style and functionality for culinary pursuits. The living area is bright and welcoming, with updated lighting and a chic accent ceiling. The home has updated bathrooms with elegant finishes, new flooring throughout, and thoughtfully chosen fixtures that enhance its modern appeal. New AC, Water Heater and roof. Each room has been designed with attention to detail, creating a cohesive and fresh living space. Outside, you'll find a spacious backyard with low-maintenance landscaping, perfect for enjoying Arizona's outdoor lifestyle. Welcome Home

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3968 E Gold Mountain Avenue San Tan Valley, AZ 85143

$595,791

4 Beds

3.5 Baths

3,146 SqFt

Status Active

MLS # 6749023

Property Type Single Family Residence

Price Type --

Gorgeous new home in Bella Vista Farms, located in San Tan Valley. The community offers access to the community pool, playground, basketball court, and volleyball court. Enjoy designer selections throughout the home including a GE Gourmet kitchen appliance package with a gas cooktop, Hana Sky Quartz countertops in the kitchen, Polaris Plus LVP, upgraded carpets, Aristokraft cabinets in flagstone, and a frameless walk-in shower in the primary bathroom. Other highlights include a split floor plan, north/south exposure, and a pool sized homesite. Utilities include Mesa Gas, EPCOR water, and Rural Metro.

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11432 S 208th Avenue Buckeye, AZ 85326

$595,500

4 Beds

3.5 Baths

2,386 SqFt

Status Active

MLS # 6780972

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the rapidly growing town of Buckeye! This stunning, newly built home features 4 bedrooms, 3.5 bathrooms, and sits on over an acre of horse property, offering ample room for relaxation and recreation. Inside, you'll be greeted by an open floor concept with beautiful tile flooring that flows seamlessly throughout the home. The gourmet kitchen features quartz countertops and a large central island that provides plenty of space for preparing meals and gathering with friends and family. The 3-car garage with an epoxy finish offers both style and functionality. The landscaped front yard adds curb appeal and includes an auto-timed irrigation system. Don't miss the chance to make this beautiful Buckeye property your forever home!

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4274 Old Orchard Drive Wickenburg, AZ 85390

$595,500

2 Beds

2 Baths

1,968 SqFt

Status Active

MLS # 6784828

Property Type Single Family Residence

Price Type --

Beautiful Dorn home situated on an oversized lot with completely repainted interior! Primary Bedroom situated in the back corner of home over looking common area & features Dual Sinks, Stunning Walk in Shower & Spacious Closet. Guest Suite at the front of the home w/Hall bath and Barn Door to make your guest suite private. Enclosed Office/Den space that could double as an additional Guest Bedroom. Kitchen features Corner Pantry, Large Center Island, SS Appliances, Breakfast Bar and designated Dining Area. Great Room w/prewired surround sound and Multiple sliding doors that lead out to covered patio and spacious backyard. 3 Car Garage w/built in storage and epoxy flooring.

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2725 E Quiet Hollow Lane Phoenix, AZ 85024

$595,444

3 Beds

2 Baths

1,829 SqFt

Status Active

MLS # 6762893

Property Type Single Family Residence

Price Type --

Step into this stunning single-story home, where modern comfort meets the tranquility of Arizona's breathtaking landscape. Enjoy the peace of mind that comes with no neighbors behind you, allowing for unobstructed views of the serene desert vistas. As you enter, you'll be greeted by a spacious open floor plan, perfect for entertaining or cozy family gatherings. The abundant natural light enhances the inviting atmosphere, seamlessly connecting the living area to the heart of the home.The private backyard paradise, features both a beautiful pool and a covered patio. Whether you're lounging poolside or enjoying a quiet evening under the stars, this outdoor space is the perfect retreat.

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972 E Mulberry Place -- Chandler, AZ 85286

$595,000

3 Beds

2 Baths

1,292 SqFt

Status Active

MLS # 6638746

Property Type Single Family Residence

Price Type --

Charming 3 bedroom and 2 bath home in new Chandler community. Hamilton Landing includes 36 single level homes each with their own front porch, private driveway for 2 vehicles and a single car garage and a small, pet friendly rear yard. Each home has 10' flat ceilings, white cabinets, luxury vinyl plank flooring in every room, two tone paint, beautiful wood trim around windows and doors and granite/quartz countertops in the kitchen and baths. The community includes a dog park with a covered ramada. These homes will be ready for occupancy between March and June of 2024. All photos are of a similar home completed in a previous community.

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28409 N 451st Avenue Wickenburg, AZ 85390

$595,000

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6685093

Property Type Manufactured Home

Price Type --

Amazing off the grid Santa Fe style house located on 30 acres!! This beautiful 2016 manufactured home has great living spaces with tons of natural light, neutral colors, modern appliances, walk-in pantry and spacious rooms. Private well! The solar is owned outright and has batteries and a generator. The home also has propane gas for heating and cooking. Sitting on a hill it offers unparalleled views!! Also comes with covered corrals, tack room and storage area and entire property is fenced. This home is also listed with only 10 acres, at reduced price. See the semi-private remarks for details.

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41225 N 253rd Avenue Morristown, AZ 85342

$595,000

3 Beds

2 Baths

1,456 SqFt

Status Active

MLS # 6772930

Property Type Manufactured Home

Price Type --

Discover the perfect blend of modern living and western charm in this 2021-built home, situated on a sprawling 3.9-acre horse property in Morristown, AZ. With 3 bedrooms and 2 bathrooms, this home offers an open, inviting floor plan and mountain views from every angle. Horse enthusiasts will love the six spacious horse pens, all equipped with power and water supply, along with a convenient round pen for training. Enjoy serene evenings on the covered patio, taking in the picturesque surroundings. This property not only provides a tranquil rural lifestyle but also the opportunity for future development, as it can be split. Whether you're looking to expand or create a custom space, the possibilities are endless. Great opportunity to own a move-in ready home on prime horse property just a short drive from the conveniences of town!

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279 S Lyman Court Casa Grande, AZ 85194

New

$595,000

4 Beds

3 Baths

2,382 SqFt

Status Active

MLS # 6787541

Property Type Single Family Residence

Price Type --

''SMOKING HOT DEAL ON A STUNNING CUSTOM HOME W/ BRAND NEW HVAC, This Luxurious Custom 4 Bdrm/3 Bath/ 3 Car Garage Home is Situated on a Fully Block Fenced, Cul- De Sac, FLOOD IRRIGATED 1.25 Acre Corner Lot, In A Popular, Custom Home Only, Horse Friendly, Community w/ NO HOA & Just 6 Miles From the 1-10 Freeway & Shopping Mall! Boasting Gorgeous Mountain Views, Amazing Sunrises & Sunsets, As Well As A Gorgeous Desert Scaped Backyard w/ Extended Patio, & Upgraded Screen Covering That Shades The Perfect Play & Picnic Area (Accented w/ Turf) & Still Offering space for Livestock, Gardening, Tractors & Trailers, As It Also Has a Full Circular Gravel Drive w/ Room For a Workshop or Pool & PAID OFF SOLAR PANELS!

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16985 W Poinsettia Drive Surprise, AZ 85388

New

$595,000

4 Beds

2.5 Baths

3,478 SqFt

Status Active

MLS # 6788592

Property Type Single Family Residence

Price Type --

MLS#6788592 Ready Now! The 45-RM5 is a spacious 2-story floor plan featuring 3,478 sq. ft. with 4 bedrooms, 2.5 bathrooms, a 3-car garage, flex room, loft, and game room. Designed for comfort and versatility, the open-concept layout connects the gathering room and kitchen with a dining area to the side, perfect for family living or entertaining. The main floor boasts a private owner's suite, while the upstairs includes secondary bedrooms, a shared bathroom, a laundry room, and flexible spaces like the loft and game room. These areas can be transformed into a kids' hangout, home office, gym, or anything else to suit your lifestyle. Structural options include: gourmet kitchen.

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23851 W Tether Trail Surprise, AZ 85387

$595,000

4 Beds

3 Baths

2,432 SqFt

Status Active

MLS # 6741026

Property Type Manufactured Home

Price Type --

Over 4 Acres of Horse Property with NO HOA. This beautiful home features a spacious floor plan with 4 bedrooms + den, 3 baths, (jack n jill bed/bath), front room, living room (with built in mini bar), dining room, & large kitchen with a sky light, lots of cabinets and an island. The master bath has separate shower and jetted soaking garden tub and double sinks. The den has a dual entrance to front room and the master bedroom (great for a private office or workout room) Also a detached 3 car garage and RV gate. Bring your horses, toys & RV's. 3 sheds out back by the covered horse stalls that are staying with the property. Enjoy country living and amazing views. This sale consists of 2 lots each is aprx 2 acres. Each lot has a share in the shared well. Don't miss out on this one.

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