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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16520 W Flora Lane Surprise, AZ 85387

$460,000

2 Beds

2 Baths

1,930 SqFt

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MLS # 6677899

Property Type Single Family Residence

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The Grand awaits! This Gorgeous Valencia II model has been meticulously cared for and shows true pride in ownership. This one-owner home is the definition of Turn-Key and shows beautifully, offering 2 bedrooms, 2 bathrooms, plus a Den/Office. Key features include a gated front courtyard with water feature, Brand New interior paint, tile all throughout, Solar Tubes, sliding cabinet shelves in the kitchen, Corian counters, kitchen island and breakfast bar, tile backsplash, hot water heater re-circulator for instant hot water, cabinets in Laundry and Garage, extended rear covered patio with added Pony wall and Fire pit, and so much more! This isn't just a home, it's a lifestyle of refined comfort. The Grand is one of the top Adult communities in the U.S. and features 4 18-Hole Championship Courses, Fitness Center, Day Spa, pickleball and tennis courts, multiple swimming pools, dog parks, a softball field and over 80 clubs and special interest groups, plus entertainment venues that feature local and international performers. Join The Grand.

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2220 N Magdelena Place Casa Grande, AZ 85122

$460,000

7 Beds

4 Baths

4,236 SqFt

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MLS # 6678575

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Fabulous two-level residence located in Mission Valley! Perfectly flowing layout showcasing spacious living areas adorned with glossy wood-look floor, arched doorways, soothing palette, & soft carpet in all the right places. The remarkable chef's kitchen offers white shaker cabinets adorned with crown moulding, granite counters, stainless steel appliances, double wall oven, modern track lighting, & a convenient center island. You'll also find an impressive loft with endless possibilities! Double doors open to the main bedroom, comprised of a walk-in closet, a private bathroom with dual sinks, & access to the cozy balcony. Spend relaxing afternoons in the charming backyard, featuring a covered patio. 7 bedrooms, 4 full bathrooms (1 bedroom and full bath downstairs, bonus/gameroom, and loft

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20603 N Echo Mesa Drive Sun City West, AZ 85375

$460,000

2 Beds

2 Baths

2,103 SqFt

Status Active

MLS # 6680198

Property Type Single Family Residence

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Popular San Carlos model with 2 large bedrooms, 2 bathrooms, vaulted ceilings and HUGE utility/laundry room-perfect for crafting or if you need extra space & already plumbed. Kitchen has tons of cabinets w pull-out drawers, granite countertops, island, newer appliances and opens up to the large Arizona room. Skylights & solar tubes offer bright, natural light. You will love the rear, large 20' X 24' enclosed, screened patio room that offers space for entertaining or enjoying the beautiful weather. Desirable North/South exposure, situated in a cul-de-sac, corner lot in Echo Mesa area-close to Sun City West amenities and shopping! No HOA fees and low tax area!

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2813 Hidden Creek Circle Happy Jack, AZ 86024

$460,000

2 Beds

2 Baths

1,252 SqFt

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MLS # 6688152

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Escape to the pines in this charming property located in the Starlight Pines Community. This home was built in 2021 and ready for its new owner! As you enter the home you will see a bright and open living room, kitchen, and dining area. The kitchen has beautiful white cabinets with an island and stainless appliances. The home has neutral paint, upgraded lighting and fixtures, laminate flooring and granite countertops throughout. The inside laundry room is oversized and includes a sink with cabinets. As you enter the Primary bedroom suite you will see a separate sliding door to the back patio. The Primary bathroom has dual sinks, a walk-in tub, a linen closet, and also a walk-in closet. Don't forget about the relaxing covered patio overlooking into nature and wildlife at its best.

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