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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3627 E Bethany Home Road Paradise Valley, AZ 85253

$75,000,000

13 Beds

16 Baths

12,261 SqFt

Status Active

MLS # 6525456

Property Type Single Family - Detached

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Arizona's leading custom home builder, Cullum Homes, is proud to partner with WOW Luxury Properties and present Arizona's most expensive home to ever be built. Introducing the $75 million Palo Cristi Estate Luxury Properties purchased the land last April and immediately partnered with Cullum Homes with the direction to define a next level of luxury in Paradise Valley. The mandate has been to spare no expense in creating a home that is both functional and captures a WOW from every room. Shortly thereafter the team selected Desert Foothills for its landscaping with the same mandate. A mandate that applies to the two adding parcels which are also for sale. SEE MORE FOR DETAILS ABOUT THE HOME ! Owner/Agent

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5738 N Casa Blanca Drive Paradise Valley, AZ 85253

$40,000,000

6 Beds

13.5 Baths

23,417 SqFt

Status Active

MLS # 6551905

Property Type Single Family - Detached

Price Type --

New modern custom highest end construction build in Casa Blanca & Wilkinson corridor by Regal American Homes. Extremely private estate with stunning mountain views of Camelback, Praying Monk, & Mummy. This 6 bed, 13.5 bath, 23,417 sqft is for the most discerning buyer. Modern design includes central courtyard, open great room & chef's kitchen w/large back kitchen holding hidden bar, pantry, Costco room, & walk-in cooler & freezer. Split floorplan where primary suite includes separate his and hers: vanity, enclosed toilets, & closets, large walk-in shower, free standing tub, red light room, laundry, safe & private outdoor access. Experience true indoor/outdoor living w/custom pool & spa, golf simulator, sport/pickleball court, outdoor BBQ & fireplace, & new landscaping featuring 2 dog runs

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20568 N 112th Street Scottsdale, AZ 85255

$32,000,000

7 Beds

10 Baths

17,267 SqFt

Status Active

MLS # 6413286

Property Type Single Family - Detached

Price Type --

A Dream Team Comes Together Like a Symphony to Create a Custom Estate That is a Work of Art, introducing Ellington Heights in Silverleaf''There is no art when one does something without intention.'' -- Duke Ellington.Without a doubt the King of Jazz would consider Ellington Heights--a sleek and stylish gem--a superb work of art. Nestled in the sun-kissed upper canyon of Silverleaf, an exclusive enclave in Scottsdale, Arizona, the design for this magnificent estate collected inspiration from the social, artistic and cultural dynamism of the Roaring Twenties era. Further, the design journey for this modern desert prairie-style home, included finding perfect harmony with its Sonoran surroundings.(see 'more' now)

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7265 N 40th Street Paradise Valley, AZ 85253

$30,600,000

5 Beds

6 Baths

18,000 SqFt

Status Active

MLS # 6495034

Property Type Single Family - Detached

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Amethyst is the crown jewel of Crown Canyon located at the highest point of the gated Crown Canyon community. This private 5+ acre homesite awaits an architectural masterpiece to capture the most prolific views of Camelback Mountain and downtown city lights. Premier Paradise Valley homebuilder BedBrock Developers, with award-winning in-house architect Stratton Andrews, is prepared to fully design and build your custom dream home on this impressive mountain hillside. To inspire you further, Andrews designed this 18,000-square-foot showcase estate to demonstrate the endless possibilities within the homesite. ''The breathtaking Amethyst property itself ignited the inspiration for this architectural masterpiece. The design flows with the topography, allowing 270-degree views of Camelback

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21235 N 102nd Street Scottsdale, AZ 85255

$29,500,000

6 Beds

8 Baths

14,048 SqFt

Status Active

MLS # 6485821

Property Type Single Family - Detached

Price Type --

The Barn at Silverleaf - Discover the ultimate in luxury lifestyle. This awe-inspiring modern interpretation of this Prairie style estate is the result of a two year design effort by renowned architect CP Drewett and a hand selected team of consultants. World class interior design is currently being developed by Claire Ownby, founder of Ownby Design. While the vision is a sophisticated custom estate of just over 14,000 square feet, the functionality is comfortable and inviting. The unique design truly elevates the tenets of desert modernism and resort style living. Perched at the summit of a long private driveway, every area of this three-acre estate has spectacular views and are destinations within themselves. The Barn is horizontal in nature with extremely deep overhangs and a

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7620 N Red Ledge Drive Paradise Valley, AZ 85253

$29,000,000

6 Beds

8.5 Baths

15,500 SqFt

Status Active

MLS # 6551951

Property Type Single Family - Detached

Price Type --

A true modern masterpiece for the most discerning buyer. This mountainside estate in the town of Paradise Valley is being designed and built in collaboration with Incline Builders and Architekshon, Inc. The nearly 11.5 acre homesite offers unparalleled views and an extremely unique level of privacy and exclusion within 20 minutes of world class resorts, dining, shopping, Paradise Valley Country Club and both Scottsdale and Phoenix Sky Harbor Airports. The modern design will include a 13,000 sq ft main house and 2500 sq ft guest house. Your dream home awaits with 14 to 20 foot ceilings, large open rooms w/ windows of glass, a gym w/ steam shower & sauna, office, movie theater, wine cellar, 2 pools and 7 car garage.

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20958 N 112th Street Scottsdale, AZ 85255

$28,000,000

7 Beds

8 Baths

13,617 SqFt

Status Active

MLS # 6375239

Property Type Single Family - Detached

Price Type --

Welcome to ''The Aerie'', perched high in the McDowell Mountains in Scottdale's most exclusive community of Silverleaf sits this one of a kind masterpiece with unmatched views of the valley below. Thoughtfully designed by Erik Peterson of PHX Architecture and built with the ultimate in perfection by Paragon Custom Homes into a true work of art, this brand new desert contemporary home is an amazing estate. From the open great room which leads to the designer kitchen and hidden catering kitchen to the thoughtfully designed entertainment zone, and the palatial master wing this home has it all. Embodying a true indoor outdoor lifestyle, entertaining spaces flow to the beautiful outdoors all with amazing views of the valley below.

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5247 N Invergordon Road Paradise Valley, AZ 85253

$27,999,999

7 Beds

13 Baths

13,364 SqFt

Status Active

MLS # 6447698

Property Type Single Family - Detached

Price Type --

Introducing ''The Royal Chateau'', an exquisitely remodeled estate (completed May 2022)! Boasting 7 bedrooms, 13 bathrooms with sweeping views of Camelback Mountain, this home is sure to please with only the highest level of finishes. The main residence offers nearly 10,000 sf of luxury interior living with 2 separate guest houses. This custom residence includes a custom 600 Bottle Wine Cellar, 7 Car Garages w/ AC, Chef's Kitchen w/ Dual Sinks, custom built-in Subzero Fridge & Freezer, and large walk-in pantry with appliances. Featuring a state-of-the-art home theater, home office with views of Camelback, parlor with wet bar & custom woodwork throughout the entire home. Guests may stay in either of the 2 guest casitas and enjoy the several outdoor entertaining areas throughout the property

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5531 E Mockingbird Lane Paradise Valley, AZ 85253

$27,500,000

8 Beds

11 Baths

20,949 SqFt

Status Active

MLS # 6534041

Property Type Single Family - Detached

Price Type --

In most prestigious pocket of Paradise Valley with incredible views of Mummy Mountain lies this clean contemporary compound. Soaring ceilings beaming with natural light from sunrise and sunset peak windows, rift oak cabinets, white oak floors, large butler pantry, dirty kitchen & dual wine wall. In the close to completed basement addition you can watch electric go carts circle the track out of your subterranean lounge. Complete with full movie theater, spa and hair salon, concrete cased hidden gun range, sauna, massage room, space in basement for indoor sport court, 2nd story office w mezzanine, large indoor/outdoor gym, kids playroom, 20 car garage, workshop, football field yard with viewing deck, large pizza oven, outdoor Ramada & full kitchen/ grilling station, pool house, resort style

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333 Schnebly Hill Road Sedona, AZ 86336

$25,000,000

8 Beds

9 Baths

18,762 SqFt

Status Active

MLS # 6562659

Property Type Single Family - Detached

Price Type --

Unique opportunity to own over 23 acres as part of Sedona's famous landmark with multi purpose uses which has been an iconic piece of the Sedona community. Current zoning is RS-18 and OC (Oak Creek Heritage-See city Zoning guidelines in documents). Included in eight separate parcels are 3 adjacent lots on OAK CREEK, 2 separate houses each with their own guest house. One residence built in 2007 with 4271 sq. ft. and a 900 sq. ft. guest house. Second residence built in 1997 with 2230 sq. ft. and 805 sq. ft. guest house. Sedona Creative Life Center is a nonprofit 501(c)(3) organization founded in 2000 to celebrate the human spirit and provide an uplifting and nourishing environment for celebrations, spiritually enhancing programs, and personal growth. Their mission is to become a

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11269 E Moonlight Canyon -- Scottsdale, AZ 85255

$21,500,000

7 Beds

9 Baths

11,530 SqFt

Status Active

MLS # 6384286

Property Type Single Family - Detached

Price Type --

Renowned architect Bing Hu is creating a masterpiece in the Upper Canyon of the prestigious and highly acclaimed Silverleaf community. This 11,530 SF estate is a modern adaptation of the Prairie style of architecture, perfectly situated sitting on the high foothills of the McDowell Mountains with panoramic city lights, mountain and valley views. The superb quality of the finishes and the amenities included are sure to please the most discerning, certainly everything you'd expect in a home of this stature: green building materials and technologies, state of the art automation throughout, Sonos Surround Sound entertainment theater, Gaggenau ''Art of the Kitchen'' custom creation and more. Added opportunity is the GOLF MEMBERSHIP AVAILABLE with this home. Creating a masterpiece

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10719 E Rimrock Drive Scottsdale, AZ 85255

$20,000,000

6 Beds

8 Baths

13,114 SqFt

Status Active

MLS # 6455254

Property Type Single Family - Detached

Price Type --

Immediate occupancy opportunity! Offering Silverleaf Golf Membership and Furnishings. Warm and welcoming, nestled on a flat pad. Home's motor court, detached guest house, front-and-rear yard, are all accessible without elevation changes. Secondary rooms, second wet bar and additional flex rooms offer views. Perched on McDowell Mountains, offering an exclusive 'front row seat experience' of sprawling and vibrant golf course, twinkling city lights, plus captivating near/far mountain views. Flawlessly crafted; meticulously maintained by valley's renowned luxury home builder, Desert Star Construction. This signature address encompasses of over 9 acres; 13,111 square feet of living space to including 1,789 SF 2 bedroom guest home. SEE MOTION VIDEO

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