What’s Ahead For Mortgage Rates This Week – February 6, 2017

Last week’s economic news included several good signs for U.S. Labor Markets with higher than expected readings for private and public sector job creation. The Federal Reserve announced its decision not to raise the target federal funds range, and inflation rose. Mortgage rates held steady and pending home sales rose.

Private and Public Sector Jobs Post Unexpected Gains

ADP, which tracks private-sector job growth, showed a gain of 246,000 jobs in January against expectations of 168,000 new jobs and December’s reading of 151,000 private sector jobs created. Analysts said 208,000 of jobs added were service-related jobs. January’s Non-Farm Payrolls, which is issued by the Labor Department and includes private and public sector jobs, also posted higher than expected job gains with 227,000 new jobs in January as compared to 197,000 new jobs expected and December’s reading of 157,000 new jobs. Retail, construction, financial and restaurant industries led job growth. The jump in construction hiring could indicate that home builders will expand construction in an effort to ease short inventories of homes for sale.

The national unemployment rate rose to 4.70 percent in January and matched analysts’ expectations based on December’s reading of 4.60 percent. New jobless claims were lower than expected with a reading of 246,000 new claims against expectations of 254,000 new claims and the prior week’s reading of 260,000 initial jobless claims.

Mortgage Rates Little Changed; Pending Home Sales Up

Freddie Mac reported little change in mortgage rates last week. Interest rates for 30-year fixed rate mortgages averaged 4.19 percent and were unchanged from the prior week. Rates for 15-year fixed rate mortgages rose by one basis point to 3.41 percent and the average rate for a 5/1 adjustable rate mortgage rose three basis points to 3.23 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

In related news, the Federal Reserve’s Federal Open Market Committee decided not to rate the Fed’s target rate that is currently 0.50 to 0.75 percent. Fed benchmarks for the economy include an unemployment rate of 5.00 percent or lower, but the annual growth inflation benchmark of 2.00 percent has not been met. January’s inflation rate rose by 0.10 percent above December’s reading of 0.0 percent.

Pending home sales increased in January with an increase of 1.60 percent; this exceeded December’s negative reading of -2.50 percent in December. Analysts said that the growth in pending home sales, which represents sales under contract that have not closed, reflects ongoing high demand for homes. Pending sales also suggest future volume for completed sales and mortgages.

Consumer confidence lagged in January to an index reading of 111.80 as compared to an expected reading of 112.90 and December’s reading of 113.30. December’s reading was the highest in 15 years. Analysts cited post-election uncertainty as contributing to consumer concerns.

What‘s Ahead

This week’s scheduled economic reports include weekly releases on mortgage rates and new jobless claims along with readings on job openings and consumer sentiment.

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11812 N 142nd Street Scottsdale, AZ 85259

$2,200,000

5 Beds

4.5 Baths

5,863 SqFt

Status Active

MLS # 6732175

Property Type Single Family Residence

Price Type --

Enchanting Hidden Hills home nestled amongst the McDowell Mountains with views of Camelback Mountain! Custom finishes throughout with new interior paint and carpet. Open floor plan..Great Room with Dining & Living Room ,wet Bar area that has a 300 bottle wine room. and your own Kegerator! Split floor plan ... MBR has its own wing with FP, sitting and patio areas. Bonus rooms include an Excercise area and furnished Media room. Ample parking and storage with a 4 car garage. Low maintenance back yard that is perfect for entertaining. Heated Pool with /waterfall, Spa,FP, Built in BBQ,Electric sun shades and artificial turf. Large laundry room with its own craft area! LOADS of Room to roam in this beauty......

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3850 E Huber Street Unit 2 Mesa, AZ 85205

$2,199,900

5 Beds

5.5 Baths

4,722 SqFt

Status Active

MLS # 6688996

Property Type Single Family Residence

Price Type --

SELLER FINANCING AT 4.85% FOR 2 YEARS! Brand new custom home by Victoria Homes. Located in a gated community, the home is adjacent to the community amenity area with a tennis/sport court & ramada. The home is farmhouse contemporary design with stone, siding and stucco for exterior accent details. Andersen windows throughout. The home is a great room & open kitchen design with a formal dining room opening to a front patio outdoor space. The large kitchen has gas appliances, huge paneled refrigerator, and bulter's pantry. The primary suite has his/hers closets and decorative tile in the bathroom. Each bedroom has its on in-suite bathroom and walk-in closets. a teen room offers a dedicated space for the kids to play and study. Engineered hardwood floors & decorative tile throughout.

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3525 S Kings Ranch Court Unit 4 Gold Canyon, AZ 85118

$2,199,621

4 Beds

4 Baths

4,049 SqFt

Status Active

MLS # 6667014

Property Type Single Family Residence

Price Type --

Discover the pinnacle of modern living in this stunning home, boasting over 7,100 square feet under roof. Each photograph captures the extraordinary lifestyle & amenities that await you, but it's what lies between the walls that truly sets this property apart. Designed for generations to enjoy, this home features a robust features & the quality craftsmanship is evident throughout, with 2x6 construction used in all walls, complemented by 5/8 drywall & advanced foam insulation. This solid design not only enhances soundproofing but also contributes to impressive energy efficiency That yielded a $250 utility bill in August. With a 400 Amp electrical service, & 20 Amps at every outlet you should never be in need of more. The 1750 Sq Ft 6 car garage is a hobbyist dream CLICK LINK FOR MORE INF Hobbyist Dream, with 9'6' garage doors 12' ceilings, recessed LED lighting, a 220 volt 50 Amp outlet for any electric car charger and 20 Amp outlets located about every 10 ft ensuring you have plenty of power for almost any type of equipment. This whole property is equipped with cutting-edge green features and technology, this home is designed for sustainable living without compromising on luxury. For more information about this exceptional build, please have your representative reach out to us. Experience the lifestyle you deserve in a home that will be cherished for generations to come!

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8535 E Dog Leg Drive Carefree, AZ 85377

$2,199,400

5 Beds

6 Baths

4,680 SqFt

Status Active

MLS # 6672260

Property Type Single Family Residence

Price Type --

This magnificent home was designed and the residence of the renowned golf course designer Pete Dye, epitomizes the luxury living experience in Carefree. With breathtaking views from every room and a host of premium features, this residence offers both a serene retreat. While this home could certainly make a wonderful primary residence the current owners use as a 2nd home and it's an established and profitable vacation rental with gross monthly revenues from 10K-22K in gross income per month. It's a turnkey business opportunity. PLUS! You will find convenient guest quarters, including a beautiful stone fireplace and a functional kitchenette. Ideal for visitors or as a rental opportunity, this inviting space provides comfort & convenience in a picturesque setting. Enjoy hosting memorable gatherings in the amazing backyard with an open patio & a crystal-clear swimming pool that is great for the summer! What are you waiting for? This gem won't disappoint!

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35411 N 50th Street Cave Creek, AZ 85331

$2,199,000

4 Beds

4.5 Baths

5,000 SqFt

Status Active

MLS # 6733910

Property Type Single Family Residence

Price Type --

Custom Santa Fe home on 2.5 acres Horse Property, 4Br, 4.5 Ba, 5000+ sq ft home, 22' ceilings in Living Room/Kitchen with Box Beam ceilings. Slate flooring with wood inlays, bedrooms are carpet. 3 gas fire places, Master shower is an experience. Master bedroom is large. Property has natural gas. 2 laundry rooms, Family room, Den, Granite counter tops, also hand hammered copper counter top on the kitchen bar, 6 burner Kitchen Aid range with a grill, 2 dishwashers, all appliances are Kitchen Aid, home has 8 covered horse pens, riding area, insulated shop, tack barn, RV pad with hook ups, and much more, come view this property.

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23227 S 180th Street Gilbert, AZ 85298

$2,199,000

3 Beds

2 Baths

2,512 SqFt

Status Active

MLS # 6736051

Property Type Single Family Residence

Price Type --

ALMOST 5 ACRES WITH THIS RARE DOUBLE LOT! Sales Price includes the 2.43 acres of the subject property including home on it as well as the 2.43 acre lot to the North. Got Horses? Newer stables with multiple Pastures connect with the gate. Entry road in the middle makes the perfect grand entrance The stated lot size of 211614 SF is for both lots.

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8040 E Laurel Street Mesa, AZ 85207

$2,199,000

4 Beds

4.5 Baths

4,130 SqFt

Status Active

MLS # 6692475

Property Type Single Family Residence

Price Type --

Newly updated and meticulously manicured 1.3 acre private oasis in Mountain Bridge near top-ranked schools and Las Sendas! Come see this one of a kind, remarkable northeast Mesa gated resort property with a stunning (2024) remodeled interior and perfectly detailed desert-scape acreage with collector cacti and succulents! The spectacular backyard includes nearly 1100 sq.ft. heated (with gas and heat pump) pool and spa, swim-up bar, waterslide, grotto and water-fire features. This incredible backyard also includes professional grade putting and chipping greens, sunken pergola, outdoor kitchen, and impressive LED landscape lighting. There's room for a sport court and RV garage! Inside, you'll be impressed with the newly completed (2024) remodel. The home has a spacious master suite with three additional en-suite bedrooms perfect for hosting or privacy for your own family! The open concept and large chef's kitchen make this an entertainer's dream. An additional highlight is the flex space (featured with four over-sized swivel chairs) inviting the perfect retreat inside the home to watch Arizona's captivating sunsets. This home is part of the Mountain Bridge community, hosting incredible amenities, activities, clubhouse, and grounds. Included with such is an impressive Pickleball community with daily drop-in play, ladies ladder play, live ball, tournaments, and reservable courts for private play. The pickleball community is welcoming and friendly. The clubhouse also includes fitness center with classes, heated pool for lap swimming, water aerobics, and family play. Two spas, tennis, basketball, putting and chipping, greens, playgrounds, and miles of walking paths are also included within the HOA amenities. The community hosts, food trucks, live music, and weekly activities. There's much to see and experience in this northeast Mesa location with easy access to the 202 as well as hiking, fishing, mountain biking, golf courses, Gene Autry tennis and pickleball center, and more! A must see!

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9390 E Monument Drive Scottsdale, AZ 85262

$2,199,000

5 Beds

5.5 Baths

4,814 SqFt

Status Active

MLS # 6756500

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in this beautifully updated single-story residence in the coveted Troon North neighborhood. Newly refreshed with contemporary elegance, this home features an attached guest casita, all-new flooring, LED recessed lighting, and refinished wood alder doors. The chef's kitchen is a highlight, showcasing Sub-Zero and Wolfe appliances, quartz countertops, and a stylish wet bar with an under-counter refrigerator. The expanded laundry room, complete with a dog shower and ample storage, adds to the practicality. Retreat to the master suite, where an electric fireplace complements the spa-inspired bathroom with a stand-alone tub, multi-spray rain shower, and dual sinks. Each bathroom has been meticulously remodeled, including those in the main house and pool house. Outdoors, indulge in a luxurious pool and spa, a 4-hole putting green, and a new custom sports court. The property also features a refreshed epoxy-coated garage, a new roof with warranty, and a complete water purifying system. Modern conveniences include programmable thermostats, a sound system, and a new water heater. Troon North delivers a lifestyle of unparalleled comfort and adventure with its scenic trails, world-class sports facilities, and breathtaking vistas. Embrace the pinnacle of modern living in a community that offers not just a home, but a vibrant and enriching lifestyle.

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10416 W Camino De Oro -- Peoria, AZ 85383

$2,199,000

7 Beds

7 Baths

5,105 SqFt

Status Active

MLS # 6677052

Property Type Single Family Residence

Price Type --

Welcome to your oasis in North Peoria, where luxury meets comfort in this exquisite home nestled in one of the most sought-after areas, just moments away from the vibrant Lake Pleasant Towne Center. With exceptional features and meticulous attention to detail, this residence promises a lifestyle of opulence and tranquility. As you approach, a grand circular driveway welcomes you, leading to the impressive façade of this architectural masterpiece. With an RV gate and oversized 3-car side entry garage, convenience and functionality seamlessly blend with elegance. Step inside to discover a sprawling floor plan that effortlessly accommodates your lifestyle, offering seven bedrooms and seven bathrooms, ensuring ample space for family and guests alike. An attached office suite with its own bathroom and separate entrance provides the perfect setting for productivity and privacy. The oversized master bedroom suite exemplifies luxury, serving as a serene retreat with its own fireplace, jetted tub, double closets, and a walk-in shower, offering a sanctuary of comfort and relaxation. Designed for the entertainer, this home features formal dining and sitting areas, perfect for hosting gatherings and creating lasting memories. The oversized kitchen island, adorned with granite counters, sets the stage for culinary excellence, while stainless steel appliances cater to the most discerning chef. A reverse osmosis system and water softener ensure the highest quality of living. Brand new A/C units were installed in August 2024, ensuring your comfort throughout the year. Venture outdoors to discover a backyard oasis reminiscent of a five-star resort. Surrounded by lush tropical plants and banana trees, a private pool invites you for a refreshing dip, while a firepit and outdoor fireplace provide warmth and ambiance on cooler evenings. Two separate gazebo/ramadas offer cozy seating areas, overlooking breathtaking mountain views. A misting system keeps you cool during warm summer days, while a large turf children's play area ensures endless entertainment for the little ones. A built-in BBQ with bar seating enhances outdoor dining and entertainment options, completing this outdoor paradise. With north and south exposure, this home enjoys an abundance of natural light, creating a welcoming and inviting atmosphere year-round. Experience the epitome of luxury living in this unparalleled residence, where every detail has been precisely crafted to exceed your expectations. Welcome home to luxury, welcome home to Peoria, Arizona.

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8536 E Preserve Way Scottsdale, AZ 85266

$2,199,000

4 Beds

4.5 Baths

4,406 SqFt

Status Active

MLS # 6772307

Property Type Single Family Residence

Price Type --

Assumable Mortgage at 3.75%!!! Stunning desert oasis with guest Casita in the sought after gated community of Boulder Ridge in Prime North Scottsdale! With its stone facade, 3-car garage, and large front porch, this beauty exudes elegance. Sophisticated interior will leave you in awe with its dazzling lighting fixtures, soaring ceilings, enormous porcelain tile, soft palette, and pre-wired surround sound. Highlights include a bright living/dining room and a dedicated office. Modern great room is adorned with exposed ceiling beams and a wall-mounted gas fireplace adding warmth and charm to any get-together. Culinary enthusiasts will be thrilled with the magazine-cover kitchen showcasing a plethora of cabinetry, chefs sink, tile backsplash, waterfall island and Cambria quartz counters. Top-of-the-line appliances. Impressive master boasts hardwood floors, direct outdoor access, and a lavish ensuite comprised of two vanities, a massive soaking tub, and an enclosed glass shower. Fully equipped guest's quarter/casita! Backyard promises year-round entertaining, which provides a covered patio, built-in BBQ, exterior fireplace, and an enticing pool. This unique find will captivate you! $500K remodel in 2021!

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8403 E Nightingale Star Drive Scottsdale, AZ 85266

$2,199,000

4 Beds

4.5 Baths

4,194 SqFt

Status Active

MLS # 6773929

Property Type Single Family Residence

Price Type --

An incredible opportunity to put your own final flourishes on this gorgeous new build! Unique floorpan with tons of open, functional spaces. Beautiful high ceilings, exposed beams bring in beautiful natural light to the home. This is a true entertainer's home, from the easy flow of indoor/outdoor living to the premium kitchen featuring high-end SKS Appliance package including a 48-inch Dual-Fuel Pro Range, an integrated column refrigerator/freezer and oversized center island with Quartzite countertops. All bedrooms are ensuite with bathrooms and located in a modern split layout with their own wing.

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40740 N Longhorn Drive Scottsdale, AZ 85262

$2,195,900

4 Beds

3.5 Baths

4,523 SqFt

Status Active

MLS # 6753439

Property Type Single Family Residence

Price Type --

Like two homes in one! Sensational city light and mountain views expanding over 50 miles showcase this lovely home situated on 10+ private acres within the exclusive enclave of Carefree Ranch Homesteads adjacent to Desert Mountain. Owned Solar w/Tesla Charging Station for ultra low electric bills. You'll experience the ultimate privacy among neighbors with $5M+ homes on large 5+ acre sites. Though on 2 levels, the main level has no steps with Living Room, dining room, kitchen, primary bedroom, powder room and 4 car garage. The lower level includes a 2nd master suite, large game room or guest living room with wet bar and two additional bedrooms and bath. This arrangement is perfect for shared ownership. The pool & heated spa and built in BBQ enhance the... outdoor experience soaking in the forever views. Many of Scottsdale's finest golf courses and 10 minutes from grocery, shopping and dining.

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