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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19591 W Lincoln Street Buckeye, AZ 85326

$580,000

4 Beds

2.5 Baths

3,428 SqFt

Status Active

MLS # 6748422

Property Type Single Family Residence

Price Type --

This beautifully upgraded home is the one you've been looking for! Step inside to be greeted by an expansive interior, where soaring ceilings and a calming, contemporary color scheme create a serene ambiance. The sleek tile flooring and modern recessed lighting enhance the sophisticated atmosphere. The kitchen is a true chef's delight, featuring ample cabinetry with elegant crown molding, luxurious quartz countertops, and state-of-the-art stainless steel appliances. The large island, with its breakfast bar, serves as the centerpiece of this culinary haven, complemented by a walk-in pantry that offers plenty of storage. Upstairs, a versatile loft space is ideal for a home office, media room, or play area. The primary suite is a sanctuary of comfort, bathed in natural light and offering a pristine ensuite with dual vanities and a spacious walk-in closet. The impressive outdoor space is designed for entertaining. The extended patio provides a perfect setting for gatherings, whether for a quiet evening or a lively celebration. This is a rare opportunity to own a truly exceptional home, don't miss out!

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710 W 18th Street Tempe, AZ 85281

$580,000

3 Beds

2 Baths

1,792 SqFt

Status Active

MLS # 6743870

Property Type Single Family Residence

Price Type --

1-0 BUY DOWN AVAILABLE WITH THE PREFERRED LENDER! This charming 3-bedroom, 2-bath home is nestled with a gated courtyard, you'll immediately appreciate the serene grass area and shaded patio. The inviting family room seamlessly connects to the entertainer's kitchen, which features a farmhouse sink, stainless steel appliances, and more than ample storage. The warm-toned granite countertops offer generous space, including a breakfast bar and a versatile bar/desk area. The primary bedroom boasting a stylish en suite bath, complete with a spacious walk-in shower and walk-in closet. You'll love the additional storage options, including a hall room for pantry items or a spare refrigerator, a large laundry area with a folding counter and drawer storage, and a dedicated cabinet filled pet/craft/ sport equipment space. The rear bonus room provides flexibility...it could serve as a living, dining, or media room and opens directly to the backyard. Enjoy outdoor living on the expansive rear patio featuring a gazebo, synthetic grass, and a firepit. Plus, the property includes an expansive covered RV parking area, large sturdy sheds, and a garage workshop for all your storage or creative needs. This home truly offers both comfort and functionality! Plus, Clark Park is right next door and is a fantastic place with a wide range of amenities! Here's a quick overview of what you can enjoy there: Community Center: Great for classes, events, and community gatherings. Pool & Splashpad: Perfect for cooling off and having fun in the water. Basketball Courts: Ideal for pickup games or practice. Baseball Diamond: A spot for baseball games and activities. Dog Park: A dedicated space for your furry friends to play. Grills: For BBQs and outdoor cooking. Horseshoes Pit: A fun game for social gatherings. Ramadas: Shaded areas for picnics and parties. Volleyball Court: A place for beach-style volleyball games. Community Garden: A spot to grow plants and vegetables. Playground: A great area for kids to play and explore. It seems like Clark Park has something for everyone, whether you're looking to stay active, relax, or enjoy time with family and friends. Bus and light rail access is nearby - perfect for high school and college student/faculty commuting!

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25958 W Westcott Drive Buckeye, AZ 85396

$580,000

2 Beds

2 Baths

1,862 SqFt

Status Active Under Contract

MLS # 6746921

Property Type Single Family Residence

Price Type --

SPARKLING POOL, SPA ,OWNED SOLAR AND A SEPERATE GOLF CART GARAGE- THIS HOME HAS IT ALL! Enjoy your own private oasis on the Mountain side of Sun City Festival. Nestled on a quiet street, this light and bright home will not disappoint. Many features include- wood plank tile flooring throughout, dual vanity master bath with tiled low threshold shower and a large spacious closet. Kitchen features S/S appliances and granite countertops. The Den is perfect as an office or hobby room. Step thru the center sliding doors to the back covered patio with extended pavers, built-in BBQ, and lush landscaping and your own putting green. The center courtyard is perfect for your morning coffee and is adjacent to the kitchen. Both garages have epoxy flooring. A short walk or drive to the rec center.

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2792 Kona Trail Flagstaff, AZ 86005

$580,000

3 Beds

2 Baths

1,300 SqFt

Status Active Under Contract

MLS # 6756366

Property Type Single Family Residence

Price Type --

Located in a quiet cul de sac in Kachina Village, this single level home offers an abundancy of privacy and forest views. The large, covered deck overlooks a scenic canyon with towering ponderosa pines. The adjacent lot provides a walking path to National Forest. Inside you will find several sizable windows bringing in natural light and providing a wonderful space to view the four seasons that Northern Arizona provides. This is an incredible opportunity to own a move in ready home that grants the right mix of seclusion and convenience. There is a bonus room downstairs that is a blank canvas for a studio, storage, exercise room etc... The furnace and hot water heater were replaced about 3 years ago and a new roof with sheathing is being completed now. Interior paint was done just last week

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11035 W Chino Drive Sun City, AZ 85373

$580,000

4 Beds

2 Baths

2,247 SqFt

Status Active Under Contract

MLS # 6768500

Property Type Single Family Residence

Price Type --

Beautiful Lakefront Home in Ventana Lakes 55+ Community. It has everything you want, 4 bedrooms, 2 bathrooms, 3 car garage, 2 living spaces and an open concept home. Anderson Windows! Tile in all the right areas. This is a ''MUST SEE'' home in this area. You will enjoy the morning sunrises as well as the evening sunsets from your lakefront backyard. Ventana Lakes is one of Peoria's premier 55+ communities. The community features 9 lakes, some with waterfalls, and great catch and release fishing. 4 community pools and spas, recreation and fitness rooms, billiards, fine arts, crafts and quilting rooms, handball, pickleball and tennis courts. Bingo games and more.

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4739 S Leisure Way Gilbert, AZ 85297

$580,000

3 Beds

2 Baths

1,722 SqFt

Status Active Under Contract

MLS # 6769608

Property Type Single Family Residence

Price Type --

Welcome to this stunning single-level home in the highly sought-after Layton Lakes community, where modern living meets everyday convenience. This beautifully updated 3-bedroom, 2-bathroom home offers an open and spacious layout designed to maximize both comfort and style. The moment you step inside, you'll notice the gorgeous flooring throughout, free from any carpet, offering a sleek, low-maintenance appeal. Large windows flood the living spaces with natural light, creating a bright and welcoming atmosphere. Recent upgrades include new exterior paint (Aug/Sept 2024), new faucets, and fresh turf (Oct 2024), ensuring a move-in-ready experience. With its east-west orientation, you'll enjoy plenty of sunlight throughout the day. Nestled in a prime location, this home is close to parks... , walking trails, top-rated schools, and easy access to freeways, making it a perfect choice for both families and professionals. The kitchen is the heart of the home, boasting ample cabinetry, modern appliances, and a breakfast bar that's perfect for casual dining or entertaining guests. Retreat to the serene master suite, which features a generous walk-in closet and a private bathroom for your own personal oasis. Outside, the expansive backyard is a landscaped paradise, featuring a variety of plants and a fenced-in poolideal for relaxation.

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3401 N 37th Street Unit 16 Phoenix, AZ 85018

$580,000

2 Beds

2 Baths

1,494 SqFt

Status Active Under Contract

MLS # 6782005

Property Type Townhouse

Price Type --

This stunning 2-bedroom, 2-bathroom townhome, spanning 1,500 square feet in the highly desirable Arcadia Lite area, seamlessly combines modern design with sophisticated elegance. Upon entry, you're greeted by an expansive open floor plan with soaring ceilings, filling the home with a bright and airy ambiance. A perfect balance of natural and designer lighting enhances the luminosity throughout. The kitchen is a chef's dream, featuring premium Taj Mahal stone countertops, an LG appliance package, and a luxurious wine and coffee bar—all complemented by custom designer finishes. Recently upgraded with a new roof and windows, this home is truly move-in ready, complete with high-end amenities. Both oversized bedrooms offer spacious walk-in closets, and the primary bathroom serves as a serene retreat, complete with dual showers and an indulgent soaking tub. Additionally, a versatile flex space within the home provides the perfect setup for a home office or creative studio, adapting to any lifestyle. The private backyard invites relaxation or entertaining, while the two-car garage adds security and ample storage, making this townhome as practical as it is stylish.

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18428 W Robin Lane Surprise, AZ 85387

New

$580,000

3 Beds

2.5 Baths

1,884 SqFt

Status Active

MLS # 6786575

Property Type Single Family Residence

Price Type --

Don't miss your chance to own this stunning home that effortlessly blends charm and practicality. This upgraded single-story layout features 3 spacious bedrooms, a versatile den/office, and 2.5 well-appointed bathrooms. The property includes a 3-car tandem garage and a remarkable 40-foot RV garage, providing plenty of room for all your vehicles, recreational toys, and outdoor gear. Inside, you'll find a thoughtfully designed split floor plan with a convenient storage nook leading to the garage. The chef-inspired kitchen boasts elegant granite countertops, high-end stainless steel appliances, an electric cooktop, and a walk-in pantry—perfect for culinary enthusiasts. Unwind after a busy day in your private backyard oasis, complete with a custom pool and jacuzzi surrounded by stylish

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6418 W Irma Lane Glendale, AZ 85308

$580,000

3 Beds

2 Baths

1,834 SqFt

Status Active Under Contract

MLS # 6774108

Property Type Single Family Residence

Price Type --

Brand New Roof in 2024! Absolutely Stunning 3 Bedroom, 2 Bath, Single Level Home Located on Premium Golf Course Lot, Formal Living & Dining Room w/Vaulted Ceilings, Upgraded Kitchen w/Custom Cabinets & Granite Countertops, Kitchen Island w/Breakfast Bar, Stainless Steel Appliances Included, Family Room w/Wood Burning Fireplace, Master Bedroom w/Walk-In Closet, Master Bathroom w/Dual Sinks, Custom Walk-In Shower & Tub, Tile Throughout Home, Dual Pane Windows, Plantation Shutters, Extended Covered Backyard Patio, Professionally Landscaped Front & Backyard, Variety Of Mature Citrus Trees, Best Backyard in the Community with over Quarter Acre Lot & Wonderful Views of the Golf Course, 2 Car Garage, Cul-De-Sac Lot, Come Check It Out!

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2702 E Saddlebrook Road Gilbert, AZ 85298

$580,000

3 Beds

2 Baths

2,044 SqFt

Status Active

MLS # 6769751

Property Type Single Family Residence

Price Type --

Must see this gorgeous home in highly desirable Adora Trails! Fall in love the minute you pull up; N/S exposure, pavered drive way, wrought iron security door. Neutral colors throughout, split floorplan w/ spacious great room. Wood shutters and crown molding. Gourmet kitchen w/ gas cooktop, granite, R/O system, backsplash, pull out shelves, walk in pantry and SS appliances. 3 bdrm, 2 bath + Den with glass french doors. Garage has built in cabinets & workbench. Laundry room has built in cabinets. Owner suite has classy closet. Owner has taken excellent care of this home adding gutters & fully landscaped backyard w/ grass, trees & areas to relax/entertain in covered space. Very desirable Adora Trails is master planned to include a variety of community & lifestyle amenities! Don't Miss out!

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20627 W Luke Avenue Buckeye, AZ 85396

$580,000

2 Beds

2 Baths

1,577 SqFt

Status Active

MLS # 6752899

Property Type Single Family Residence

Price Type --

Discover this charming 1,577 sq. ft. Single story home located in the vibrant Victory District of Verrado, a premier 55+ active adult community. This beautifully designed residence features 2 spacious bedrooms, a versatile den perfect for a home office and 2 modern bathrooms. With a layout that emphasizes comfort and functionality, you'll enjoy open-concept living areas, stylish finishes, and access to the community's extensive amenities, including golf courses, pickle ball, tennis courts, pools, walking trails, and social clubs. Ideal for those seeking an active, engaging lifestyle in a welcoming neighborhood.

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26218 S Brentwood Drive Sun Lakes, AZ 85248

$580,000

3 Beds

2 Baths

1,823 SqFt

Status Active

MLS # 6779857

Property Type Single Family Residence

Price Type --

Discover this popular Alameda model home, featuring 3 spacious BR and 2 BA in the sought-after Cottonwood Active Adult Community. The primary BR boasts an elegant en-suite with an additional expanded walk-in closet, offering ample storage space. Enjoy luxurious travertine flooring throughout with carpet thoughtfully placed for comfort. Vaulted ceilings in the family room enhance the home's style and openness, while most windows have been recently upgraded for improved energy efficiency. The extended garage includes epoxy flooring, workbench, and abundant storage. Situated on a desirable golf course and lake view lot, this home provides stunning scenery to enjoy from your own backyard with balcony too! Don't miss this exceptional opportunity to own a slice of paradise!

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