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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32561 Felix -- San Tan Valley, AZ 85143

$595,000

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6739254

Property Type Manufactured Home

Price Type --

Exceptional Home with Pool, Casita, Storage Shed & carport on over 1.3 acres. Welcome to this exceptional property, where comfort meets versatility in a stunning 3-bedroom, 2-bathroom primary residence. This home is perfect for those seeking a blend of relaxation, functionality, & additional living space with a country living feel yet not too far from amenities. Step into the inviting main residence, where an open layout & modern design create a welcoming ambiance. The spacious living room features large windows that bathe the space in natural light & provide beautiful views of the surrounding landscape. The kitchen is a chef's delight, equipped with sleek appliances, quartz countertops, & ample cabinet space & a large walk in pantry. A large island provides additional prep space & a casual dining area. Adjacent to the kitchen is a comfortable dining area that opens to the backyard, perfect for alfresco dining. The main bedroom is a serene retreat with generous closet space a & an en-suite bathroom featuring a double vanity, separate shower & storage. Two additional well-sized bedrooms share a 2nd full bathroom, designed with modern fixtures and a stylish aesthetic. The expansive backyard is a true highlight, featuring a sparkling pool with water feature, slide & surrounded by a spacious travertine deck, ideal for sunbathing & entertaining. A well-maintained storage shed (40x30) offers practical storage solutions for outdoor equipment, supplies & can be used as a garage plus a 20x40 carport. This property also boasts a charming casita, providing a private & versatile space that can serve as a guest suite, home office, or artist's studio. The 12x24 casita is thoughtfully designed with its own entrance, ensuring privacy & comfort for its occupants. Other features include established landscaping, pavers, & fenced yard. This unique property offers a rare combination of features, including a main residence, pool, casita, shed & carport making it a standout choice for those seeking both comfort & versatility. Move away from the big city & be amazed at all the stars! Don't miss the opportunity to make this exceptional property your new home!

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5336 N 20th Street Phoenix, AZ 85016

$595,000

2 Beds

2 Baths

1,965 SqFt

Status Active

MLS # 6775489

Property Type Single Family Residence

Price Type --

Perfectly positioned between North Central and Biltmore, this beautifully updated 2 bedroom, 2 bath townhome offers the perfect blend of modern upgrades and timeless charm. The front courtyard is perfect for quiet moments or entertaining guests, and leads to a great room with expansive celestory windows that bathe the living space in natural light. Enjoy a modernized kitchen with quartzite counters, shaker cabinets, and stainless steel appliances. Relax in fully updated bathrooms, including a jacuzzi tub in the primary suite. Enjoy peace of mind of ownership with major replacements already having been performed; HVAC (2020), roof (2022), windows & sliding glass door (2023). Situated in the highly sought-after Madison School District blocks away from Phoenix's top entertainiment options

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22 Pine Del Drive Flagstaff, AZ 86005

$595,000

3 Beds

2 Baths

1,704 SqFt

Status Active

MLS # 6638531

Property Type Single Family Residence

Price Type --

Huge Price Reduction, will go quick! Discover your new haven in the Pines! This beautifully updated 3-bedroom, 2-bath home boasts an open living area with luxury vinyl flooring throughout and cozy new carpet in all the bedrooms. Enjoy the comfort of new windows and a brand-new central heating and AC system. The modern kitchen features stainless steel appliances and stunning quartz countertops. With new lighting fixtures and fresh paint both inside and out, this mountain retreat is move-in ready!

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5161 N Scottsdale Road Eloy, AZ 85131

$595,000

3 Beds

3 Baths

2,249 SqFt

Status Active

MLS # 6666215

Property Type Single Family Residence

Price Type --

Ideally located within the Robson Ranch golf course community, this CALABRIA model boasts an upgraded private entrance & courtyard complete w/ a tranquil pond & gas fireplace, a serene space complete w/ a charming guest casita. Integra-Block construction, new A/C unit, 4 ft. garage extension w/ cabinet built-in & ample attic storage. INTERIOR FEATURES: Extended bedroom nooks, plantation shutters, mood lighting, hardwood flooring throughout den, hallways, living room. Gas appliances. EXTERIOR FEATURES: Outdoor kitchen, BBQ, misting system, covered & enclosed patio, hot tub off master, gas firepits, pond w/ footbridge, separate garden enclosure area with grape vines & citrus trees. Owner/agent.

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7700 E Gainey Ranch Road Unit 103 Scottsdale, AZ 85258

$595,000

2 Beds

2 Baths

1,104 SqFt

Status Active

MLS # 6705937

Property Type Townhouse

Price Type --

Welcome Home to Sunset Cove in the guard-gated community of Gainey Ranch! This single-level, 2-bedroom, 2-bath furnished, move in ready, townhome offers easy living in an excellent location. The Gainey Estate Club is just a short walk away, perfect for a quick swim, workout, tennis, or game of pickleball. You'll also be close to all that Scottsdale has to offer, including hiking, biking, restaurants, shopping, and entertainment. This home has been updated over the years, with the current seller adding many upgrades. Features include a gourmet kitchen, BBQ patio, spacious bedrooms, and a private patio off the primary bedroom. The home also includes a detached one-car garage and extra parking. Welcome Home

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41355 N Salix Drive San Tan Valley, AZ 85140

$595,000

4 Beds

3.5 Baths

3,741 SqFt

Status Active

MLS # 6699464

Property Type Single Family Residence

Price Type --

In the heart of the Taylor Ranch community in San Tan Valley lies a haven of tranquility and luxury. Welcome to this stunning 3741 square foot residence with a thoughtfully designed floor plan with 4 bedrooms and 3.5 baths , 3-car garage + a den/office offers the perfect retreat for productivity and focus. Don't miss the huge loft area for a great game room or craft area. Discover the backyard oasis, featuring a fenced pool that beckons you to take a refreshing dip on warm Arizona days or gather around the outdoor fireplace on cool evenings. Updated A/C units were installed in 2020, to ensure year-round comfort and energy efficiency. Closely located near the new Costco at Ellsworth Rd and EZ freeway access to the new I-24. Come see how much this wonderful home has to offer.

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2323 W Kachina Trail Phoenix, AZ 85041

$595,000

4 Beds

3.5 Baths

2,719 SqFt

Status Active

MLS # 6703483

Property Type Single Family Residence

Price Type --

Welcome to this beautiful single level home with mountain views located in the immaculate Southern Highlands gated community. This incredible home has an open great room and split floor plan with 4 bedrooms (and a den that could easily be converted into a 5th bedroom) PLUS 3.5 BATHS AND TWO MASTER SUITES! The master bedroom has two separate walk-in closets. The home flooring features beautiful wood, tile, and carpeting throughout. The island kitchen has granite counter tops, 42'' stair step cabinets, walk-in pantry, stainless steel gas range, built in microwave / convection oven, and a breakfast nook in addition to the formal dining area. There are soft water & RO water treatment systems. See Supplemental Remarks for continuation of features The backyard is extremely private, and is currently a blank slate ready for landscaping according to the new owner's preferences. The backyard also features a covered patio, a watering system front & back on timer, and an available gas stub. The two car garage has an expoxy coating. The home is located in close proximity to downtown Phoenix.

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17983 E Vista Desierto -- Rio Verde, AZ 85263

$595,000

2 Beds

2 Baths

1,370 SqFt

Status Active

MLS # 6724151

Property Type Single Family Residence

Price Type --

Spectacular 2 bedroom 2 bath home with $100,000 in upgrades in Trilogy at Verde River. Chef's kitchen features stainless steel Monogram appliances including built-in refrigerator/freezer, gas cooktop, dishwasher microwave and wall oven. Granite and quartz countertops. Magnificent glass tile backsplash. Very open great room floor plan is ideal for entertaining. Primary suite offers luxurious bath room with double sinks, built-in vanity, oversized shower. and custom walk-in closet. Private back yard with large covered patio, desert landscaping and artificial turf. Trilogy at Verde River offers an array of activities. Please visit their website for details.

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3212 S Marryvale Lane Flagstaff, AZ 86005

$595,000

2 Beds

2 Baths

1,410 SqFt

Status Active

MLS # 6728129

Property Type Townhouse

Price Type --

RARE OPPORTUNITY for a SINGLE LEVEL in Pinnacle Pines - and it even includes A/C! Come take a look at this nicely appointed 2 bedroom home with a great layout and use of space. The split floor plan design provides privacy for each of the two bedrooms while the great room combines the Living/Kitchen/Dining into an open and comfortable gathering space. A modest sized covered deck overlooking the backyard is great for spending a relaxing afternoon enjoying the outdoors. Other wonderful features include a flat, SW facing driveway, separate laundry room, lots of extra storage in the large crawl space, and did I mention A/C? Come take a look at this great home located on a quiet cul-de-sac in Pinnacle Pines!

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4755 W Morin Road Mcneal, AZ 85617

$595,000

3 Beds

2 Baths

2,142 SqFt

Status Active

MLS # 6731687

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS! Will consider all offers. Looking to expand your agricultural endeavors or seeking a tranquil retreat? Situated on over 90 acres, ideal for horses & livestock. This home features 3 bedrooms/2 bathrooms plus a spacious basement for additional living space & storage. Living room, formal dining, & office/den provide plenty of options for relaxation & entertaining. Custom kitchen appliances, fireplace, wood-burning stove, custom woodworking, & built-in bookshelves add character & functionality. Outside is covered parking, a workshop, barn, & storage shed, along with 5 raised garden beds. Private Well! Farm equipment(2 tractors plus box blade, brush mower, & post hole digger)can remain with acceptable offer! A perfect blend of rural lifestyle, serenity, & modern convenience.

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1357 N Nebraska Street Chandler, AZ 85225

$595,000

3 Beds

3 Baths

1,971 SqFt

Status Active

MLS # 6740805

Property Type Single Family Residence

Price Type --

Discover your dream home in Chandler! Situtated on a cul-de-sac lot, this main house is 1,971 sq ft, 3 bedrooms, 2 baths, PLUS 356 sq ft detached guest house with a full bath and kitchenette. Enjoy no HOA restrictions and a 9ft RV gate with a slab for boats, campers, and other toys. The backyard features a Pebble Tec pool with a rock water feature and slide (updated in 2017), a ramada, and an extended covered patio. The main house, guest house, and storage shed received new roofs in 2021. Main & guest house exterior paint in 2022 with 20 year warranty. Stay comfortable with two new HVAC systems installed in 2020 and a solar water heater added in 2023. This home is a perfect blend of comfort and convenience in Chandler! Be sure to ask about the energy audit & solar savings!

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6812 W Firebird Drive Glendale, AZ 85308

$595,000

4 Beds

3 Baths

2,328 SqFt

Status Active

MLS # 6753607

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the coveted Arrowhead Ranch - Sierra Verde community! This stunning property offers 4 bedrooms + 3 bathrooms, all situated on a desirable corner lot that ensures added privacy. Step inside, you'll be greeted by soaring vaulted ceilings + a well-designed N/S exposure that bathes the home in natural light. Beautiful luxury vinyl flooring throughout (no carpet). The chef's kitchen boasts updated cabinets, ample counter space, + an ideal layout for entertaining guests. The primary bedroom offers high ceilings + a luxurious ensuite bath w/ 2 walk-in closets, separate soaking tub/shower, + dual sinks. The backyard is a private oasis with an extended covered patio, mature trees, and a grassy area. Enjoy lakes, trails, parks, dining, and shopping just steps away!

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