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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2201 W Valhalla Court Anthem, AZ 85086

Open House

$499,000

3 Beds

2 Baths

1,616 SqFt

Status Active

MLS # 6686568

Property Type Single Family Residence

Price Type --

Welcome to your desert oasis in the gated community of Anthem Country Club! This charming 3-bedroom, 2-bath home features beautiful desert landscaping enhancing the curb appeal, setting the tone for the tranquility within. At the front, a patio invites you to enjoy your morning coffee, to relax and soak in the warm Arizona sun. Inside, the great room greets you with its spaciousness, complemented by a formal dining area and a kitchen that overlooks the living space, creating an ideal setup for gatherings and entertaining. The kitchen features ample cabinet space and a convenient pantry, providing plenty of room for all your culinary essentials. The primary bedroom is generously sized and grants direct access to the backyard retreat. Its ensuite bathroom features a dual sink vanity, a separate tub and shower, and a spacious closet space. Outside, discover a backyard sanctuary complete with a covered patio with ceiling fans, perfect to help stay cool on the warm sunny days, a built-in BBQ for grilling. Unwind in the spa, surrounded by serene natural beauty. As part of the Anthem Social Membership, residents gain access to a variety of Club facilities and amenities, including tennis courts, pickleball courts, a fitness center, a resort-style pool, and more! Don't miss out on the opportunity to experience Arizona living at its finest in this captivating Anthem home.

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15989 N 74th Lane Peoria, AZ 85382

Open House

$499,000

3 Beds

2.5 Baths

1,975 SqFt

Status Active

MLS # 6685842

Property Type Single Family Residence

Price Type --

Location...Northwest Corridor just min from Arrowhead Mall & 101. This Awesome home is now available located at Bella Brisa at 75th Ave and Bell Rd. The 3 bedrooms, 2.5 baths and bonus/flex room that offers the ability to work from home or workout room. Beautifully, finished kitchen with extended counter including gas range for the chef in you. The Primary room is oversized with beautiful bath and walk-in closet. The laundry room includes tall built-in custom cabinets. The backyard includes synthetic grass easy maintenaince. ome check out your new home! This community, located in North Peoria! Easy access to bike/running trails, hundreds of restaurants, shopping, ballpark, and entertainment. ALL just minutes away!

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1677 E Chelsea Drive San Tan Valley, AZ 85140

$498,999

5 Beds

3 Baths

2,856 SqFt

Status Active

MLS # 6634770

Property Type Single Family Residence

Price Type --

Discover the joy of owning this charming 2-story property that is now on the market! It boasts a soothing interior palette, carpet and tile flooring, and a cozy living room. Designed for entertaining, the great room is spacious and welcoming. The kitchen features recessed lighting, honey-toned cabinets, built-in appliances, glossy counters, and a pantry for ample storage. A versatile bonus room serves as the perfect space for a game room or entertainment center. The main bedroom includes a private bathroom with dual sinks and a walk-in closet. Outside, the backyard offers a covered patio and plenty of space for a pool or creative landscaping. This delightful home is a true gem, ready for you to make it your own! (1 bedroom & 1 bathroom downstairs and could be converted to in-law quarters)

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35789 N Zinc Drive San Tan Valley, AZ 85144

$498,995

4 Beds

3 Baths

1,991 SqFt

Status Active

MLS # 6686649

Property Type Single Family Residence

Price Type --

This home is single-level living at its finest. The open-concept kitchen provides connectivity to the main living area with prime access to the outdoor patio. Flex space on the first floor could be used as an office or a yoga room—the possibilities are endless. Designer finishes in this home include marble kitchen countertops, tiled primary bathroom, and upgraded flooring. Pristine walking and biking trails showcase everything this community has to offer.

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3636 S 97th Avenue Tolleson, AZ 85353

$498,990

5 Beds

3 Baths

2,688 SqFt

Status Active

MLS # 6694608

Property Type Single Family Residence

Price Type --

Beautiful Brand New Home in a Highly Desirable West valley location. Features countless upgrades such as 9' ceilings, Shaw 17x17 Tile, Granite countertops in the kitchen. Whirlpool Stainless steel appliances. White shaker cabinets with Stainless Steel Pulls. Energy-efficient features throughout, WIFI & programmable thermostat. Spacious walk-in closet in the primary suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! The community features a greenbelt, a premium neighborhood park with playground. Conveniently located near the new 202 freeway, schools, shopping and dining, and Estrella Mountain Regional Park.

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19125 N 269th Drive Buckeye, AZ 85396

$498,990

2 Beds

2 Baths

2,023 SqFt

Status Active

MLS # 6664375

Property Type Single Family Residence

Price Type --

Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. The Pursuit floor plan features a 2-bedroom, 2-bath layout with an AV built-in, den, French doors, and an extension at the rear of the home. The owner's bath boasts a framed low-threshold walk-in shower, and the kitchen comes equipped with a gas stub and outlet package. Additionally, the home includes a 4' garage extension, pavers, a 36'' premium gas cooktop, double ovens (wall oven and microwave), and a separate oven. The kitchen appliances are all stainless steel, and the home features a 10' flat ceiling, a culinary lux cabinet layout, and upgraded flooring, cabinets, countertops, and surrounds. The electrical package and garage hobby package have also been upgraded.

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39223 N Kaden Lane Queen Creek, AZ 85140

$498,947

2 Beds

2 Baths

1,711 SqFt

Status Active

MLS # 6667527

Property Type Single Family Residence

Price Type --

Up to 3% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6667527 ~ Located in 55+ active lifestyle community Ovation at Meridian. The Tonto floor plan is a single-story home with 1,711 square feet of living space, 2 bedrooms, a den, 2 bathrooms, and a 2-car garage. The foyer gives you the option to take an immediate turn into the second bedroom, step in and turn into the flex room, or you can continue straight into the open kitchen and gathering room area. The owner's suite is right off the gathering room and has a walk-in closet and double sinks at its private bathroom. Structural options added Include: Extended covered patio, and upgraded shower.

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8055 S Breezy Pine Road Prescott, AZ 86303

$498,900

6 Beds

4 Baths

3,073 SqFt

Status Active

MLS # 6682867

Property Type Single Family Residence

Price Type --

Nestled in the tranquil surroundings of Breezy Pine Acres, this charming home offers the perfect blend of comfort and versatility. Boasting two distinct living spaces with separate entrances, the main residence features 3 bedrooms and 3 bathrooms, complete with gas fireplaces in both the inviting living room and luxurious primary suite. Step into relaxation in the primary suite's spacious bathroom, adorned with a large separate tub, towel warmer, and stylish sliding barn door. Downstairs, the fully finished basement presents an ideal retreat, offering a kitchen, additional bedroom, bathroom, living room, and ample storage space. Situated on just over 1 1/2 acres of wooded land, this property provides both privacy and room to roam amidst nature's beauty.

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1040 Lorenzo Sitgreaves Drive Show Low, AZ 85901

$498,900

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6681665

Property Type Single Family Residence

Price Type --

Charming 3 bed, 2 bath home located in the quiet neighborhood, Show Low Bluff. True pride of ownership shines throughout. Cozy up next to the fireplace or entertain your family & friends with it's open concept layout. With multiple skylights in the main living areas, natural light pours in. The Primary bedroom is split from the others & has an inviting ensuite bathroom & oversized walk-in closet. The home is on a .21 lot, with beautiful easy-care landscaping in the front & back! The backyard is fully fenced & features a covered deck, artificial grass, a pergola, & a shed with power to it. with the 2-car garage you are able to keep your cars out of the elements. This lovingly cared for home is truly a one-of-a-kind option for your White Mountains dream, schedule an appointment today! The covered back deck has 3 roller shades that come down, so you can keep enjoying the cool mountain air, when the sun is setting! Don't forget to look up while in the garage, there is additional storage space great for keeping your items organized. There is a doggy door in the Laundry Room which leads into the Garage - there is another doggy door in the wall in the Garage which leads into the fenced backyard. Smart Home Ready. Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

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13747 W Villa Ridge Drive Sun City West, AZ 85375

$498,900

2 Beds

2 Baths

2,283 SqFt

Status Active

MLS # 6611449

Property Type Single Family Residence

Price Type --

This home is perfect for the entertainer in you or if you are just looking for a little more space. This home has updated features throughout. With upgraded lights and fans to the custom window shades in all rooms. Tile floors laid diagonally for that special look. With the large cathedral ceilings and full hookup for surround sound, this open living space is a true joy. A kitchen that boasts granite countertops and all Stainless Steel appliances. Dual ovens which will make putting together that fantastic event much smoother. Master Bedroom has a wonderful bay window for that relaxing space for your favorite book. If you love your outdoor space this home has one covered patio right outside the kitchen for that morning cup of coffee and the back patio which will allow you to enjoy our wonderful winter weather. Brand new cabinets installed in the garage with new epoxy flooring. Home was completely painted on exterior in 2020. If you are a golfer you are a very short walk to Echo Mesa Golf Club. This home is move in ready.

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881 E Elgin Street Chandler, AZ 85225

$498,900

3 Beds

2 Baths

1,649 SqFt

Status Active

MLS # 6686609

Property Type Single Family Residence

Price Type --

Discover the allure of this delightful 3-bedroom home in Monterey Point II. Step inside to find an inviting interior graced with tile floors and vaulted ceilings, leading to a cozy living room perfect for gatherings. The great room is a haven for relaxation. The kitchen features white cabinetry, SS appliances, tile backsplash, granite counters, a pantry, and a center island with a breakfast bar. Serene main bedroom offers a private bathroom with dual sinks, a relaxing tub, and a walk-in closet. A practical laundry room includes built-in cabinets for additional storage. Outside, the backyard is a peaceful retreat with a covered patio and verdant grass, ideal for enjoying tranquil afternoons. This charming residence is awaiting its new owners - don't miss the opportunity to call it yours!

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16918 W Beth Drive Goodyear, AZ 85338

$498,525

3 Beds

2.5 Baths

2,406 SqFt

Status Active

MLS # 6613028

Property Type Single Family Residence

Price Type --

Up to 3% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6613028 January Completion. The Glenstone at Lucero Discovery is a sweeping home designed for comfortable living in style. Step through the charming front porch that leads you into the welcoming foyer. From there, the study offers you an array of options and guides you into the heart of the house—an open-concept space featuring a great room, kitchen with island, dining room, and outdoor living area. The convenience of a 2-car garage, entryway, and powder room adds functionality to the main floor. Make your way up to the second level to find two bedrooms with a shared bathroom and the luxurious primary suite with a roomy walk-in closet. Structural options include: study in lieu of flex , pavers at front porch, 8' interior doors, and soft water loop.

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