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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4010 W Campo Bello Drive Glendale, AZ 85308

$475,000

4 Beds

2 Baths

2,069 SqFt

Status Active

MLS # 6641786

Property Type Single Family Residence

Price Type --

NO HOA!! This 4 Bedroom, all electric home in the Desert Pines neighborhood is in a well maintained neighborhood and offers a perfect canvas for any modern amenities you may want to add to its classic charm. Priced below other available comps in the zip code to provide some instant equity to buyer. You will have plenty of space with a separate Living Room, Family Room with fireplace, Formal Dining Room, a large eat-in Kitchen, a gated diving pool and a spacious side yard suitable for trailer or extra parking. 2 car garage with shelving & a large bonus storage area. This home brings together the options for both the desire for relaxation and entertaining. Step outside to your refreshing pool with its large deck space, creating an ideal area for your outdoor gatherings & summer BBQs. More The back yard is a blank slate for the new pwner to make uniquely their own. A new roof and new hot water heater were installed in 2023. Newer dishwasher - rarely used. Rev Osmosis system installed. Rebuilt pool pump. This home is one of the few in the neighborhood with both an AC and an evaporative cooler to help reduce cooling costs. Two very large trees in the front yard and a huge Orchid tree in the back yard shade the home from the summer heat. Ceiling fans throughout.

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30596 W Mitchell Drive Buckeye, AZ 85396

$475,000

4 Beds

3 Baths

2,684 SqFt

Status Active

MLS # 6658563

Property Type Single Family Residence

Price Type --

NOW OFFERING $5K IN SELLER CONCESSIONS AND OWNED SOLAR!!! Immerse yourself in the serenity of this well-maintained home in the Sonoran Desert. This captivating single-story retreat is nestled within the close-knit Tartesso community. The highly sought after Onyx floor plan boasts 4 bedrooms, 3 bathrooms, and a study perfect for an office. Upgrades to the home include: wood plank porcelain tiles, stainless steel appliances, and OWNED water softener. The oversized, tranquil, and professionally designed backyard is an entertainer's delight. Enjoy the majestic White Tank Mountains with its hiking trails and breathtaking vistas. Just minutes from the I-10, you can explore the vibrant Phoenix metropolitan area at your leisure.

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4747 W Sunnyside Avenue Glendale, AZ 85304

$475,000

3 Beds

2 Baths

2,048 SqFt

Status Active

MLS # 6659231

Property Type Single Family Residence

Price Type --

The search is finally over! Welcome to this lovely single level residence nestled in Glendale. Discover an inviting interior showcasing gleaming wood floors, designer color palette and a charming fireplace ideal for relaxing during cozy nights at home. The well-appointed kitchen boasts wood cabinetry, sleek granite counters, stylish mosaic backsplash, double wall oven and built-in appliances. All bedrooms feature private outdoor patio access. Bathrooms have been updated and are absolute masterpieces featuring granite counters, travertine and tile! Spend relaxing afternoons along with your loved ones in the quaint yard, offering mature lush landscaping, open patios, detailed granite concrete work and beautiful citrus trees! This is one you don't want to miss!

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1521 N Victor Drive Prescott, AZ 86301

$475,000

3 Beds

2 Baths

2,400 SqFt

Status Active

MLS # 6673728

Property Type Single Family Residence

Price Type --

Discover the perfect blend of rustic elegance and modern comfort in this 3-bed, 2-bath log cabin home. Boasting 2400 sqft, this amazing cabin offers an updated kitchen, ideal for entertaining. Step onto the expansive back deck to soak in breathtaking panoramic views of Prescott and Prescott Valley. With so many possibilities this home could be great for families, rental property, or a second home. Within minutes to shopping and medical. The potential in-law suite adds versatility, while the home's thoughtful features include a newer roof (2016), enhanced drainage work, and an upgraded electrical panel. Experience energy efficiency with owned solar panels, ensuring sustainability and savings. This Prescott gem is your gateway to cozy mountain living and endless Arizona skies.

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16218 N 99th Drive Sun City, AZ 85351

$475,000

2 Beds

2 Baths

1,886 SqFt

Status Active

MLS # 6675810

Property Type Single Family Residence

Price Type --

Breathtaking views and gorgeous sunsets on this Riverview Golf Course location! Overlooking what feels like your own pond is this 2 bedrooms, 2 bathroom home, formal dining, nice size den, family room, plus a bonus area for your office or storage and large front room for gatherings. New windows through out, open and bright Arizona room overlooking the course. Large front patio with pergola and pergola also extended over front parking. Home is in good condition and ready for its new owner.

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11237 N 49th Drive Glendale, AZ 85304

$475,000

4 Beds

2 Baths

1,952 SqFt

Status Active

MLS # 6675792

Property Type Single Family Residence

Price Type --

This block home as a new roof, new dual pane windows, new water heater, new garage door and motor, new pool heat pump for your heated pool along with pool motor, new water softener, fridge and dishwasher. There is a good sized living room off the entry and formal dining. The kitchen has granite tile countertops with backsplash, white cabinets, tile flooring, deep kitchen sink with upgraded faucet, and recessed lighting. The family room has a large exposed wooden beam a fireplace and mantle leading to a covered backyard patio with a heated pebble tec pool with diving board. The master bedroom is very spacious with a walk-in closet. The home does have leased solar with a $149 monthly payment that the seller will pay off at closing. Community park with playground, tennis courts, and basketball courts right down the street

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695 Pauley Drive Prescott, AZ 86303

$475,000

3 Beds

2 Baths

1,636 SqFt

Status Active

MLS # 6676443

Property Type Single Family Residence

Price Type --

Under $500K...AND less than a mile from the Courthouse Plaza! Charming 3 bedroom, 2 bath with great views, mature trees. Recently renovated with New Flooring, Carpet, Interior Paint, Central AC, a Bonus/Shop/Hobby Room in a 2-Car Garage, and more! Enjoy the coziness of your Wood Burning Fireplace and the serenity of the Creek from your back deck...all tucked away on a quiet cul de sac.

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18449 W Piedmont Road Goodyear, AZ 85338

$475,000

3 Beds

2 Baths

1,998 SqFt

Status Active

MLS # 6677574

Property Type Single Family Residence

Price Type --

Fantastic Estrella Mountain Ranch home with a beautiful, open floorplan by Engle Homes. Homesite has plenty of room between neighboring homes. Solar panels are owned. 3 bedrooms,2 bathrooms, 2 car garage with 3rd bay (can easily be changed back) currently a craft room. Formal dining room also can be a den. Kitchen has plenty of cabinet space, stainless appliances, and island. Backyard is entertainer dream with heated pool and waterfall, covered patio, outdoor fireplace, built in BBQ, and plenty of space for Fido.

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17462 W Straight Arrow Lane Surprise, AZ 85387

$475,000

4 Beds

2 Baths

2,126 SqFt

Status Active

MLS # 6683810

Property Type Single Family Residence

Price Type --

Great price for a great floorplan with a 3-car wide garage and RV gate! Upgraded kitchen has a gas cooktop, wall oven and microwave. Reverse osmosis water filter. Extra cabinets in the dining area. Cabinets in the large laundry room that is pre-plumbed for a sink. Master bedroom is very spacious. Tankless, gas hot water heater. Energy efficient and never run out of hot water! Water softener. Extra wide lot has an RV gate that is perfect for a trailer or extra vehicle storage. Back yard is large and undone. Nothing to tear out to make your dream yard! Huge grassy park is one house away. Excellent community pool if you don't want your own. NO SOLAR! You don't have to get stuck with a lease you don't want! This home is ready for your personal touches to make it what you want!

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5814 W Evergreen Road Glendale, AZ 85302

$475,000

4 Beds

2 Baths

2,129 SqFt

Status Active

MLS # 6681166

Property Type Single Family Residence

Price Type --

No HOA, plenty of room for toys. GREEN HOME CERTIFIED - SAVE over $50,000 in energy costs over 10 years, $375 per month! 4 bedroom 2 bath with pool. Remodeled baths, newer kitchen cabinets, AC replaced in 2023, newer hot water heater, keep utility bills lower with Solar loan with fixed payments. Large diving pool 2.5 car garage, nice landscaped backyard with covered patio, and large storage shed in a great location just minutes from ASU West, Hwy 17, Grand Canyon University.

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6868 E Gecko Ranch Road Florence, AZ 85132

$475,000

3 Beds

2 Baths

1,249 SqFt

Status Active

MLS # 6681685

Property Type Manufactured Home

Price Type --

Welcome to your secluded oasis! Nestled on 1.27 acres of land with a private road, this fully remodeled mobile home offers unparalleled privacy and tranquility. Enjoy the convenience of north-south facing orientation, ensuring abundant natural light throughout the day. This charming home boasts 3 bedrooms and 2 baths, perfect for comfortable living. Step outside onto the covered front porch or back deck, ideal for savoring morning coffee or hosting gatherings with loved ones. The backyard oasis features a delightful tiki bar, creating an inviting space for entertaining or relaxing under the stars. For pet owners, there's a convenient dog run to ensure furry friends have ample space to play. Additionally, the property includes the largest conex box available, providing ample storage for all your outdoor gear and equipment. With plenty of covered space to tinker and explore, unleash your creativity and make this property your own. Whether you're into gardening, DIY projects, or simply enjoying the serene surroundings, there's room for everyone to pursue their passions. Despite its secluded location, this property offers easy access to essential amenities. Nearby grocery shopping, restaurants, and entertainment options ensure that you're never far from the comforts of modern living. Don't miss this opportunity to experience the perfect blend of privacy, convenience, and endless possibilities!

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8785 E Greenview Drive Gold Canyon, AZ 85118

$475,000

2 Beds

2 Baths

1,900 SqFt

Status Active

MLS # 6684143

Property Type Townhouse

Price Type --

BRAND-NEW gated townhome in the prestigious Gold Canyon community. This townhome is designed with a modern open floor plan, encompassing 2 serene bedrooms, 2 elegant baths, and a versatile den, perfect for a home office or extra guest room. The kitchen, boasting exquisite granite countertops, upgraded cabinetry, and superior stainless steel appliances. Finished with luxurious ceramic plank tile and plush carpeting, bespoke tile work in both bathrooms, a spacious walk-in closet in the Master suite, and a laundry room with extensive cabinet storage. This community offers exclusive amenities including access to a clubhouse, a pool, and a championship golf course. This townhome, recently appraised at $480,000, represents not just a home, but a lifestyle.

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