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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1212 E Indianola Avenue Phoenix, AZ 85014

Open House

$614,999

4 Beds

2 Baths

1,738 SqFt

Status Active

MLS # 6675839

Property Type Single Family Residence

Price Type --

Welcome to this well-built 1950s mid-century modern with a total 2023 remodel from top to bottom. Upgrades include a new roof, new electrical panel, dual pane windows, energy efficient HVAC, all new flooring, fully upgraded kitchen with huge island and quartz countertops, all new appliances, newly renovated bathrooms, paver patio, sidewalk and driveway, tankless water heater, irrigation system. On suite bathroom in the master bedroom with a walk-in closet, 3 additional large bedrooms, as well as a bonus room/home office. Step out into privacy in your fully fenced backyard with a beautiful patio to enjoy the Arizona sunshine! Located in the heart of Central Phoenix minutes from downtown, Arcadia/Biltmore and highway 51. This is truly the perfect location!

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23969 N 171st Lane Surprise, AZ 85387

$614,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6684307

Property Type Single Family Residence

Price Type --

Welcome to your exquisite new home residence. Darius provides a sophisticated and accommodating ranch-style layout. Popular multi-generational living layout. Talk about curb appeal. Love at first site with the modern upgraded elevation. The inviting front entrance opens up t a very spacious layout. Abundance of much desirable features including spacious great room open to gourmet kitchen complimented by10 ft ceilings and center meet door to open to the covered patio and backyard. Perfect for all gatherings. In addition to a lavish owner's suite—with a roomy walk-in closet and attached double-sink bath—this home includes a second owner's suite with an adjacent living room, perfect for multi-generational living or a flex space that an be utilized best for your desired livability. Jack and jill bathroom off bedroom 2 & 3 . Split

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21864 E Saddle Court Queen Creek, AZ 85142

$614,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6730732

Property Type Single Family Residence

Price Type --

The single-story Cassandra plan showcases an open layout with a great room with a multi-sliding glass door, a breakfast nook, a large gourmet kitchen and a 2-car garage. The primary suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby study.

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16711 W Saguaro Park Lane Surprise, AZ 85387

$614,990

4 Beds

3.5 Baths

2,664 SqFt

Status Active

MLS # 6767427

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 plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. This Parklane floorplan offers 4 bedrooms, 3.5 baths, a garage extension, and a glass no-step walk-in shower. Notable features include 8' interior doors, built-in appliances, granite kitchen countertops, and gas stubs in the kitchen, backyard for BBQ, and laundry for a gas dryer.

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37750 W Padilla Street Maricopa, AZ 85138

$614,990

4 Beds

3.5 Baths

2,024 SqFt

Status Active

MLS # 6762739

Property Type Single Family Residence

Price Type --

Move in FAST to this completed home! Say hello to luxury, Maricopa! This captivating Flagstaff floorplan features an expansive great room, Media room, Extra Suite with kitchenette, and stunning kitchen appointed with stacked cabinetry, gas stove top, and double ovens! Relax in your Primary suite and resort like bath with freestanding tub. The great room and adjacent patio are ideal for hosting gatherings. The tandem 4 car garage is perfect for storing offroad toys! With 10ft ceilings, 8ft doors, and 8,750 sq ft homesites, come see why K. Hovnanian is the First Name in Lasting Value! ^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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32018 N 117th Avenue Peoria, AZ 85383

$614,990

4 Beds

3 Baths

2,012 SqFt

Status Active

MLS # 6755506

Property Type Single Family Residence

Price Type --

Larkspur - 4 bed/3 full baths. Stainless steel gas appliance package with 36'' cooktop, wall oven, microwave, glass canopy hood. Sonoma Maple Linen-off white cabinets with black hardware, 42'' kitchen uppers. Upper and lower cabinets at owner's entry, and cabs in laundry room. AZT Steel gray granite tops in kitchen and all baths. Upgrade flooring - Mohawk Wood laminate Driftwood in all areas except beds & closets and so much more. Amenity Rich Mystic includes a Resort Style community pool, Rec center with year-round events, Hiking paths & community parks. The perfect location- close to shopping, restaurants, golf, Lake pleasant and the loop 3. PHOTOS OF THIS LISTING ARE OF THE CLOVER MODEL HOME.

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2212 W Chisum Trail Phoenix, AZ 85085

$614,990

3 Beds

2.5 Baths

1,976 SqFt

Status Active

MLS # 6784079

Property Type Single Family Residence

Price Type --

Welcome to the Perata plan, a 3 bedrrom, 2.5 bathroom floorplan offering 1,976 square feet of elegant living space with a charming Farmhouse exterior with artificial turf in the front yard enhancing the home's curb apeal. As you step onto the pavers at the covered entry, you'll immediately appreciate the attention to detail in every corner of this beautifully crafted home. Stepping into the home, the white paint grade mission stair rail adds a touch of traditional craftsmanship while the 8' interior doors adorned create a sense of grandeur. This home's kitchen and greatroom open to a spacious outdoor space with a gas stub for BBQ ensuring the possibilities of effortless outdoor entertaining. The heart of the home, the kitchen, features stainless steel GE appliances including a 36'' chimney hood, a built-in gas cooktop with five burners, and a built-in wall oven and microwave with trim kit. There are white-painted 42 upper shaker cabinets at the kitchen perimeter and shale cabinets at the island with satin nickel and matte black hardware. A large single basin stainless steel sink with a Moen stainless steel kitchen faucet completes this chef's dream kitchen. All bathrooms feature Moen Eva 8 widespread brush nickel premium faucets. The bathrooms continue the theme of elegance with shale painted shaker cabinets and crisp white cultured marble tops with rectangular sinks. Throughout the downstairs, bath 2 and the laundry upstairs, you'll find durable 6x36 Natural wood look tile, while the primary bathroom boasts a serene 12x24 AZ Futura Tile in the shade Ivory which compliment the enlarged primary bath shower with white cultured marble surrounds and 3/8 glass, perfect for unwinding after a long day. All flooring is elegantly trimmed with upgraded 4 ¼ baseboards. This home is complemented by a soft water loop located in the garage for added convenience. Union Park offers Tree-lines streets, pedestrian-friendly sidewalks and 5,500 sq ft recreation center with resort style pool and kiddie pool, shared ramadas, parks, gathering areas, pickleball courts and basketball. Close to I-10 and 303. Walking distance to restaurants, movies, entertainment, and shopping.

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11458 E Utah Avenue Mesa, AZ 85212

$614,990

4 Beds

3 Baths

2,474 SqFt

Status Active

MLS # 6787361

Property Type Single Family Residence

Price Type --

Welcome to ''The Pearl,'' a stunning four-bedroom, three-bathroom farmhouse-style home featuring a guest retreat. With 10-foot ceilings and 8-foot doors, this home boasts an open, airy feel. The great room opens to a covered patio through a 4-panel center slider, perfect for indoor-outdoor living. The gourmet kitchen includes a 36-inch gas cooktop, charcoal shaker cabinets with hardware, a tile backsplash, and quartz countertops. Upgrades abound, including 6''x36'' wood-look tile in the main areas, and upgraded bathroom lighting, faucets, and fixtures. Experience luxurious living in this beautifully designed home..

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865 S Oak Street Gilbert, AZ 85233

New

$614,900

4 Beds

2 Baths

2,243 SqFt

Status Active

MLS # 6787824

Property Type Single Family Residence

Price Type --

Welcome to this delightful 4-bedroom residence in Raven Ranch! You're greeted by a spacious 3-car garage and a tasteful desert landscape. Discover a bright living room with high ceilings, a cool palette, plantation shutters, and wood-look flooring. The great room includes sliding door access to the backyard and ample windows for abundant natural light. Cook delicious meals in the spotless kitchen, equipped with wood cabinetry, recessed lighting, stainless steel appliances, a handy pantry, and a peninsula with a breakfast bar for quick meals. The serene main bedroom offers a sitting nook, an ensuite with double sinks, and a walk-in closet. Venture out onto the backyard, complete with a covered patio, lush natural turf, and a refreshing pool. Make this gem yours today!

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3043 E Rose Lane Phoenix, AZ 85016

$614,900

2 Beds

2 Baths

1,185 SqFt

Status Active

MLS # 6696353

Property Type Townhouse

Price Type --

This charming, newly renovated 2 bed, 2 bath townhome is situated on the prestigious Biltmore golf course and offers amazing views and amenities. The kitchen opens to the family room overlooking the patio and course. The bedrooms and baths are separated offering privacy. The community offers a swimming pool, spa, guard gate and tennis court. Plenty of room for parking between the single private garage and the covered public one.

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21225 W Wilshire Drive Buckeye, AZ 85396

$614,900

4 Beds

2.5 Baths

2,322 SqFt

Status Active

MLS # 6713534

Property Type Single Family Residence

Price Type --

Picture yourself enjoying the fall sunsets on your private patio next to your heated pool, perfect for entertaining family and guests, or maybe just your own quiet time This stunning 4-bedroom, 3-bathroom gem with a den features a modern design and an open floor plan, perfect for both family life and entertaining. The gourmet kitchen is a chef's delight, boasting contemporary appliances, a large island, sleek tile backsplash, quartz countertops, and ample cabinetry. Step outside to your private oasis with a fully landscaped yard and a luxurious heated pool, perfect for year-round enjoyment. The home also offers a three-car tandem garage, solar system for energy savings, and double gates to conveniently park your toys. Nestled on a desirable corner lot, this home is an absolute must-see

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3948 E Gold Mountain Avenue San Tan Valley, AZ 85143

$614,857

4 Beds

3 Baths

3,146 SqFt

Status Active

MLS # 6776756

Property Type Single Family Residence

Price Type --

Enchanting new home featuring designer selections, a split floor plan, and north/south exposure. Located in Bella Vista Farms, homeowners have access to their community pool and playground. The kitchen boasts a GE Executive kitchen appliance package including double ovens and a gas cooktop, there are also Delta Terra Quartz Zinc countertops and Aristokraft 42'' cabinets in Benton White. Other highlights in the home include a frameless walk-in shower at the primary suite and Vicinity White 6 x 36 Matte Wood like tile flooring. Utilities for this home include: Mesa Gas, EPCOR Water, and Rural Metro.

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