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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4295 Sawbuck Way Wickenburg, AZ 85390

$599,000

2 Beds

2.5 Baths

1,869 SqFt

Status Active

MLS # 6711598

Property Type Single Family Residence

Price Type --

Located in the resort-style community of Wickenburg Ranch, this exquisite home is a haven of luxury and comfort, featuring 2 spacious bedrooms and 2.5 elegant bathrooms. The 2 car garage offers ample space for vehicles and storage, complemented by a separate garage specifically designed for a golf cart. The open floor plan is ideal for modern living, highlighted by an upgraded kitchen with a large island, perfect for culinary endeavors and social gatherings. The living area is bathed in natural light, thanks to a stunning wall of sliding glass doors that open to a covered outdoor patio. This seamless indoor-outdoor transition invites you to relax and entertain while enjoying the beautifully landscaped backyard. The primary bathroom and den showcase stylish barn doors, blending rustic charm with modern elegance. This seamless indoor-outdoor transition invites you to relax and entertain while enjoying the beautifully landscaped backyard. The backyard offers an unobstructed view of the lush golf course, ensuring privacy and tranquility with no homes situated behind it. Located in Wickenburg Ranch, this home provides access to a host of amenities, making it a perfect retreat in a vibrant and active community.

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19766 W Heatherbrae Drive Litchfield Park, AZ 85340

$599,000

4 Beds

3 Baths

2,585 SqFt

Status Active

MLS # 6733049

Property Type Single Family Residence

Price Type --

Discover the charm of Verrado living in this stunning home, just a short walk from shopping and dining, and conveniently located 2 miles from the I-10 and 3 miles from the 303. This residence boasts one of the neighborhood's most popular floor plans, featuring 9+ foot ceilings for a spacious ambiance throughout. The primary bedroom is thoughtfully separated from the other three bedrooms, ensuring privacy. Two of the additional bedrooms share a Jack and Jill bathroom, accessed through a versatile ''teen room'' area, which could also serve as an ''in-law'' suite. The fourth bedroom is located down the hall, providing further flexibility. The expansive kitchen is perfect for entertaining, equipped with a gas stove, dual ovens, and a built-in microwave. You'll lov oversized island and ample cabinet space for all your culinary needs. The kitchen seamlessly connects to the great room, making it an ideal spot for gatherings with family and friends. Step outside through the double sliders to enjoy the backyard's lap pool, built in 2023 and pre-plumbed for gas heating. The home is also outfitted with numerous electrical outlets and pre-wired ceiling fans throughout. Additional insulation was added during construction to help keep cooling costs low during peak months. This property comes with an assumable VA loan with a balance of approximately $370,000 at an attractive 2.9% interest rate. Don't miss this opportunity to experience the best of Verrado living!

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17207 N 36th Street Phoenix, AZ 85032

$599,000

4 Beds

3 Baths

1,845 SqFt

Status Active

MLS # 6722409

Property Type Single Family Residence

Price Type --

Fully renovated, this charming 4BR / 3BA home is ideally situated near restaurants, shopping, dining, public transportation, with easy access to freeways. Recently remodeled, it features a spacious floor plan perfect for modern living. Neutral color scheme throughout featuring durable tile flooring, providing a versatile space for any decor. The kitchen is equipped with quartz countertops, new cabinets and windows plus a convenient pantry. The oversized primary bedroom offers direct backyard access, a private bathroom, and walk-in closet. Outside, the backyard includes a covered patio, storage shed, and plenty of space to create your own oasis. No HOA!

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1681 E Grand Ridge Road Queen Creek, AZ 85140

$599,000

3 Beds

2.5 Baths

2,579 SqFt

Status Active

MLS # 6725715

Property Type Single Family Residence

Price Type --

$$$ Shea base price is $612k, add your $50k in personal touches for instant equity. Don't miss out on the best per SQ FT deal in the community. This Tarragona Model stands out as one of the most sought-after designs, featuring a spacious open floorplan. Highlights include an oversized family room, 2 expansive bedrooms, 2.5 baths, and a Chef's Kitchen with dual islands and granite countertops. Additionally, a versatile den offers potential as a third bedroom. Two separate patios enhance the appeal of this North/South facing homesite. The Primary suite is generously sized and includes a luxurious bathroom with tiled shower and granite counters. Discover a unique ''Secret Room'' offering flexible usage options. This homes also offer a Solar System for top of the line energy efficiency.

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2322 S Rogers -- Unit 16 Mesa, AZ 85202

$599,000

6 Beds

4 Baths

2,732 SqFt

Status Active

MLS # 6722677

Property Type Single Family Residence

Price Type --

This beautiful home is located inside the gated community of Legante Paseo in highly desirable Dobson Ranch & backs to the 3rd fairway of the golf course. The front entry leads to your formal living & dining area w/ a 2-way fireplace that is shared w/ the family room next to the open kitchen. The property features 6 bedrooms & 4 bathrooms including 3 primary bedrooms w/ en-suites (one on main floor). The two primary bedrooms upstairs also feature a balcony to enjoy sunsets & the golf course. Kitchen & bathrooms have been beautifully remodeled in addition to other upgrades including HVAC (2019) & newer appliances. The private community also has its own community pool & ramada area. Don't miss out on your chance to own one of the few properties available in this piece of paradise!

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2328 E Laurel Lane Phoenix, AZ 85028

$599,000

3 Beds

2 Baths

1,619 SqFt

Status Active

MLS # 6724018

Property Type Single Family Residence

Price Type --

Beautifully remodeled 3-bedroom, 2-bathroom property with mountain views. The open floor plan features a kitchen with new white cabinets, stainless steel appliances, quartz countertops, and an island. The large family room is perfect for gatherings. The bathrooms boast custom-designed showers. Roof and main AC unit 2019. This house has everything you've dreamed of and more.

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4596 W Loma Verde Avenue Eloy, AZ 85131

$599,000

2 Beds

2.5 Baths

1,910 SqFt

Status Active

MLS # 6723595

Property Type Single Family Residence

Price Type --

Situated behind the gates of the highly sought after Retirement Community Robson Ranch, This Home is waiting for you. Completed in Dec 2023, this Spanish Ranch leaves nothing to be desired. As you Enter the home you are greeted with a wide foyer and an office/den to the right. Just down the hall, you'll find a half bath perfect for guests, and the first of two En suites complete with upgraded white cabinetry, Beautiful shower with modern tile and a complementary mosaic tile stripe completes the overall aesthetic. As you step into to the open concept living and dining, you are greeted with natural light from every angle. The kitchen boasts upgraded white cabinetry, gorgeous quartz countertops, an oversized island, gorgeous pendants, stainless steel appliances, and a built in cocktail bar in the dining room. The Second En suite offers a walk in closet, double sinks, an oversized shower complete with the same tile, mosaic stripe, and white cabinetry giving a cohesive, well thought out design aesthetic not only to this space, but to the entire home. You'll also enjoy Electric blinds throughout the home adding that touch of Luxury. Out back you'll find an extended covered patio complete with pavers, a built in BBQ, a Hot Tub, and professional desert landscape and artificial turf giving you all the beauty while leaving you with minimal maintenance.

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22450 E Duncan Street Queen Creek, AZ 85142

$599,000

4 Beds

2 Baths

2,588 SqFt

Status Active

MLS # 6734137

Property Type Single Family Residence

Price Type --

Experience the perfect blend of comfort, style, and convenience in your new home where your next chapter begins! This stunning residence offers over 2,550 sq ft of luxurious living space. The heart of this home is the contemporary kitchen, boasting an extended granite countertop and island, providing ample space for cooking and entertaining. Storage is plentiful, ensuring that everything you need is within easy reach. Experience seamless indoor-outdoor living with the impressive 3-panel sliding glass doors, allowing you to entertain. The thoughtfully designed community area is perfect for social gatherings and creating lasting memories.

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6630 W Pine Cone Trail Pine, AZ 85544

$599,000

3 Beds

3 Baths

2,127 SqFt

Status Active

MLS # 6736696

Property Type Single Family Residence

Price Type --

This beautiful house features 3Br plus game room, 2.5BA, spanning 2,127 sqft all single level on spacious lot. The oversized 2 car garage offers ample space for vehicles and storage. Room for RV on side of house. Inside, great room boasts a wood cathedral ceiling and vinyl plank flooring throughout the open plan great room. The gas fireplace, faced with stone, adds a cozy touch. The kitchen is open to teh great room and features an island and a double oven, pantry, making it perfect for cooking and entertaining. Large primary bedroom includes a walk-in closet. Generous game room or family room features its own fireplace and a minisplit system for temperature control. The wonderful backyard, perfect for entertaining, is fenced and landscaped with faux grass. House Generator!

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954 N Golden Key Street Gilbert, AZ 85233

$599,000

5 Beds

2.5 Baths

2,239 SqFt

Status Active

MLS # 6738931

Property Type Single Family Residence

Price Type --

Owner Agent. Close to Downtown Gilbert! Roof, HVAC, and Pool pump replaced in 2023. Owned solar FULLY PAID OFF, 5 bedroom 2.5 bath home with a loft and a pool. Gas fireplace and hardwood floors in the main living areas. Built in fireplace in backyard has a gas line to it so you never have to use a propane tank. The community has lots of parks nearby and great shopping. Culinary Dropout, Ohso, Joyride, MexiQ, Unos Tacos, Prep and Pastry, all less than a mile away! Also Trader Joes, Sprouts, Sams Club, Frys, Walmart, Target all in the same area! One of the best locations you can live in. Buyer and buyers agent to verify all facts and figures.

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17218 N Melissa Lane Surprise, AZ 85374

$599,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6740344

Property Type Single Family Residence

Price Type --

Beautiful home in Kingswood Park Surprise! Excellent curb appeal, an inviting porch, a low-maintenance landscape, and a 2-car garage is everything you've been looking for. The stunning backyard is a true Oasis with its blue pool & spa. Brand NEW pool equipment was installed in 2023. The delightful interior boasts vaulted ceilings, plantation shutters, freshly painted walls (2024), new door hardware (2024), and herringbone pattern tile flooring. The spacious living areas are perfect for entertaining. The fabulous kitchen showcases updated white cabinetry (2024), sleek granite counters, stylish tile backsplash, SS appliances, an island w/a breakfast bar, and a large walk-in pantry. The family room features a new, built-in entertainment center with an 86'' LG TV! Double doors open to a generous-sized owner's suite with backyard access, an ensuite with dual sinks, beautiful remodeled shower & a walk-in closet. What's not to like? Act now!

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26065 N 68th Lane Peoria, AZ 85383

$599,000

3 Beds

2 Baths

2,352 SqFt

Status Active

MLS # 6742941

Property Type Single Family Residence

Price Type --

Welcome to this pristine, single-level 3-bedroom, 2-bathroom home with a large office/study/den, located in the highly sought-after Terramar community. Lovingly maintained by its original owners—a retired couple who were ''Snowbirds''—this home is in immaculate condition. It has never been smoked in, and no pets have ever resided here. This home features a spacious, open-concept design with a separate large open space for both a formal living and dining room, as well as a versatile office/study/den with double doors that easily flows into the space. The gourmet kitchen is equipped with matching white appliances, ample cabinet space, a large pantry, and a center island with a breakfast bar. The family room provides seamless access to the backyard, where you'll find an extended covered patio perfect for relaxing or entertaining. The oversized primary suite is filled with natural light and offers a large additional sitting space. The ensuite bathroom includes dual sinks, a deep soaking tub, a glass-enclosed walk-in shower, a private toilet, and a large walk-in closet. Two generously sized secondary bedrooms, one with private access to the full guest bathroom featuring a Jack and Jill design with dual vanities and a shower/tub combo, complete the living spaces. A large laundry room with plenty of cabinet storage includes a full size washer and dryer and is located near the oversized two car garage. The exterior is designed for low maintenance. With no facing neighbors across the street, the home enjoys a serene and private setting. Positioned on a quiet, low-traffic street, this home is perfect for those seeking a well-maintained, move-in-ready property. Located in the desirable Terramar community, the home is close to a playground, park, and nearby walking and biking trails. It is also situated within the best school district in the area and conveniently close to popular restaurants, shopping, and easy access to I-17 for commuting. Don't miss out on this fantastic opportunity to make this beautiful house your new home!

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