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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9409 E Nacoma Drive Sun Lakes, AZ 85248

$585,000

3 Beds

3 Baths

2,443 SqFt

Status Active

MLS # 6713360

Property Type Single Family Residence

Price Type --

Pride of ownership is apparent in this 3 bedroom, 3 bath home in the gated active adult community of Oakwood CC. The casita with separate entrance provides flexibility for guests, a home office or exercise studio. Entertain in the great room or family room with adjacent kitchen and breakfast nook. Granite counters, SS appliances, newer paint and hardware with loads of cupboard space. Retire to the primary suite with patio access, walk in closet, dual split sinks and separate shower and tub. Guests will appreciate the spacious bedroom with walk in closet and nearby bath. New AC in 2021. Newer wood look tile flooring with some carpeted areas. You'll love the large picture windows and slider leading to the backyard with expanded covered patio and lush landscaping. See upgrade list.

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7500 E Deer Valley Road Unit 68 Scottsdale, AZ 85255

$585,000

3 Beds

2 Baths

1,358 SqFt

Status Active

MLS # 6714999

Property Type Single Family Residence

Price Type --

Seller may carry. Best offering in North Scottsdale. Priced to sell Freshly painted interior will impress you, showcasing a large living room bathed in natural light, ideal for entertaining or relaxation. The kitchen displays fluorescent lighting, plenty of honey oak cabinets, built-in appliances, and a bright dining area with sliding glass doors to the back patio. Make the flexible den with double doors a media room or extra bedroom for your guests. Take a look at the spacious primary retreat, which provides a walk-in closet and private bathroom. The secondary bedroom has a mirrored door closet. A washer and dryer are included! The backyard has a covered patio where you can sit and relax after a hard day's work. This rare find won't disappoint!

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7102 W Windrose Drive Peoria, AZ 85381

$585,000

5 Beds

3 Baths

3,532 SqFt

Status Active

MLS # 6721103

Property Type Single Family Residence

Price Type --

SELLER OFFERING CONCESSIONS! Welcome to this modern home nestled on a large corner lot with an RV GATE offering 5 bedrooms & 3 full-sized bathrooms, & a secondary owner's suite in the basement. The main level features 3 bedrooms, including the master bedroom upstairs with walk-in closets. REMODELED bathrooms and a laundry chute to enhance the comfort & functionality of the home. Natural light shines through plantation shutters, creating a bright atmosphere. The basement adds 2 bedrooms, a WET BAR, & a full-sized bathroom to be used as a guest room or for entertaining extended family members. Outside, the backyard is a serene retreat with mature greenery providing privacy & a perfect backdrop for relaxation or outdoor activities.

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3161 W Frankfurt Drive Chandler, AZ 85226

$585,000

4 Beds

2 Baths

2,024 SqFt

Status Active

MLS # 6760217

Property Type Single Family Residence

Price Type --

This beautiful one-level home exudes charm and comfort with its expansive open floor plan and high ceilings, creating a bright and airy atmosphere throughout. Recently updated with fresh paint inside and out, along with updated carpets. The master suite is a true retreat, featuring a full spa-style bathroom with a soaking tub and walk-in shower—perfect for unwinding. The outdoor living area is equally impressive, boasting a sparkling pool and an extended patio, offering plenty of space for lounging, dining, and entertaining. Whether you're hosting a barbecue or enjoying a quiet evening by the pool, this home provides the perfect blend of indoor and outdoor living. Don't miss your chance to make this exceptional property your own!

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22740 N 74th Lane Glendale, AZ 85310

$585,000

4 Beds

2 Baths

2,242 SqFt

Status Active

MLS # 6748677

Property Type Single Family Residence

Price Type --

Situated on a great lot in the community of Hillcrest this 4 bedroom 2 bath home has everything you are looking for. Great curb appeal with new exterior paint in 2021. Step inside to beautiful inlaid tile in neutral colors, large open living room with art niches, vaulted ceilings and bright open windows. Open kitchen with plenty of cabinet and counters space, kitchen island and great spot for a dining table - all over looking the cozy family room. Nice primary bedroom with ensuite bath featuring a step in shower, soaking tub and dual vanities. Beautiful back yard with large covered patio, sparkling pool/spa with rock accents, grassy area, and mature landscaping. New roof in 2017; New heat pump/AC in 2018; New water heater 2023. No neighbors behind you. Low HOA! So much to love!!

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11410 N 50th Lane Glendale, AZ 85304

$585,000

5 Beds

3 Baths

2,782 SqFt

Status Active

MLS # 6755548

Property Type Single Family Residence

Price Type --

Beautiful Former Model Home...Inviting 5 bedroom, 3 full bathrooms! Real wood plantation shutters, recess lighting, 8 foot doors and closets, 5 inch base boards throughout home. Gorgeous kitchen w/ white cabinets, stainless steel appliances, granite counter top, and an island w/ a breakfast bar. Spacious primary bedroom w/ large walk in closet, double sinks w/ subway tiled walk in shower. Primary bedroom PLUS 2 additional bedrooms and another bath downstairs! Large loft, 2 more bedrooms and a bath upstairs. Energy efficient spray foam insulation keeps electric bills low. Laundry room w/ sink and custom cabinets downstairs. Dreamy backyard showcases a covered patio, pavers, built-in BBQ, a fire pit, & an enticing pool for year-round entertainment! A MUST SEE!!

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4810 N 74th Place Scottsdale, AZ 85251

$585,000

2 Beds

2 Baths

1,236 SqFt

Status Active

MLS # 6767229

Property Type Townhouse

Price Type --

MODERN CANAL RETREAT Tucked into the heart of Scottsdale's historic district, this gorgeous 2-bedroom, 2-full bath home in coveted Villa Monterey 55+ community is a true gem. Step into a light & bright sanctuary that exudes warmth & comfort. Formal dining area invites you to host intimate gatherings, while the completely updated interior flows effortlessly into the serene backyard with private canal access. With over $130,000 in upgrades, every corner of this home has been meticulously crafted. From the new Luxury Vinyl Plank (LVP) floors to the upgraded modern kitchen, walnut interior doors, no detail has been overlooked. New roof (2019), HVAC (2023), appliances and more all recently replaced. Open-Concept Closets in both bedrooms. Front-facing kitchen with new modern pull out cabinets, new LVP plank (6x9) flooring, and smooth texture walls throughout. Enjoy the fully upgraded, spa-like bathrooms that include a deep soaking bathtub & walk-in shower. Coveted side yard and laundry room are added bonuses. Well designed, low maintenance landscaping is easy to maintain. Community Pool & Spa, Located directly on the canal, this property is minutes away from Old Town Scottsdale, Spring Training facilities, shopping, restaurants, art galleries, and the renowned Talking Stick Resort, the possibilities for entertainment & adventure are endless. Walk out your back gate and explore the vibrant community, stroll along scenic walking and biking paths, or simply bask in the Arizona sunshine.

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3706 S Cottonwood Drive Tempe, AZ 85282

$585,000

4 Beds

2 Baths

1,669 SqFt

Status Active

MLS # 6768193

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated 4-bedroom, single-story home with a 2-car garage and no HOA! Recently renovated within the last 5 years, including a new A/C unit, this home features hard floors throughout and an open-concept kitchen with granite countertops. The exterior boasts fresh paint, a low-maintenance yard, and a sparkling PebbleTec diving pool. The spacious covered patio is ideal for entertaining. Conveniently located near shopping, dining, entertainment, the 101/60 freeways, and Ehrhardt Park. This home is the perfect blend of style, comfort, and location!

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4077 S Sabrina Drive Unit 71 Chandler, AZ 85248

$585,000

4 Beds

3 Baths

1,775 SqFt

Status Active

MLS # 6768414

Property Type Townhouse

Price Type --

Welcome to this stunning home in the Echelon At Ocotillo Community in South Chandler. This end unit boasts an abundance of natural light and windows creating a bright and inviting atmosphere. Well laid pavers in the front patio make it a great place to sit and watch the sunset. The gourmet kitchen includes quartz counter tops, new upgraded LG smart appliances with refrigerator connected to the RO for water, regular ice and craft ice spheres, plus lower kitchen cabinets & pantry with convenient pull outs. Smart home system with ring doorbell, programmable thermostats and smart garage door opener. One bedroom and full bath on the first level, three bedrooms and two bath rooms on the second level. Walk-in shower in master bathroom. Additional features, ceiling fans, steel security front door, full driveway with two car garage. Community amenities include a playground , gorgeous community pool and spa for your enjoyment. Don't miss out on the opportunity to make this house your new home.

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7807 E Mckinley Street Scottsdale, AZ 85257

$585,000

4 Beds

2 Baths

1,590 SqFt

Status Active

MLS # 6768199

Property Type Single Family Residence

Price Type --

It's just a short drive to Old Town, shopping, dining, and entertainment. Step inside this beautifully decorated home featuring wood-look floors and an inviting great room bathed in natural light. The sleek kitchen is a culinary delight, with abundant cabinets, stainless appliances, a stylish tile backsplash, ample counter space, and a convenient breakfast bar. Retreat to the main suite, which offers direct access to the serene backyard, a private bathroom with stylish tiles, and a spacious walk-in closet. The backyard offers a covered patio, artificial turf, and plenty of space for fun barbecues and gatherings. Within walking distance of the Salt Cellar, McKellips Lake, and Scottsdale parks. Don't miss this opportunity! Make it yours today!

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5831 W Pine Cove Prescott, AZ 86305

$585,000

3 Beds

2 Baths

2,057 SqFt

Status Active

MLS # 6772452

Property Type Single Family Residence

Price Type --

Welcome to this 3-bedroom, 2-bath home tucked away on a serene, pine-covered .93 acre lot in Highland Pines. Offering 2,057 sq. ft. of living space, this mountain retreat features a great room with soaring ceilings, rustic wood accents, and a cozy wood-burning stove. The dining room's wall of windows provides breathtaking views of the surrounding pines. Step outside onto the deck to take in the panoramic scenery. Additional amenities include a one-car garage, asphalt driveway, brick paver paths, and a fenced dog run. This home is truly a peaceful getaway in the Pines with modern comforts!

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1354 W Nido Avenue Mesa, AZ 85202

$585,000

4 Beds

2.5 Baths

2,616 SqFt

Status Active

MLS # 6769367

Property Type Single Family Residence

Price Type --

Welcome to your dream home in sought after community of Dobson Ranch!! This beautifully designed 4-bedroom residence offers a perfect blend of comfort and style, ideal for those seeking spacious living with community amenities. As you step inside, you'll be greeted by an inviting open floor plan that seamlessly connects the living, dining, and kitchen areas, creating a warm atmosphere for gatherings and entertaining. This home provides trending designs with remodeled bathrooms, remodeled kitchen, and new LVP flooring throughout the home. Dobson Ranch is a sought after Southeast Valley community boasting 1 of the best municipal golf clubs in the City and this home Just doors away from the Dobson Community La Casita rec Center. HVAC 2023, Roof 2010.

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