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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32508 N 133rd Drive Peoria, AZ 85383

$592,500

4 Beds

3 Baths

2,249 SqFt

Status Active

MLS # 6749403

Property Type Single Family Residence

Price Type --

Experience the allure of this beautiful home in Vistancia Village! Offering 4 beds + den, 3 baths, desert landscape, and a 2-car garage w/paver driveway. Home exudes refined style with layered crown molding, neutral paint, tons of natural light, & wood-look tile floors w/carpet in bedrooms. Enjoy the seamless design of an open layout paired with surround sound, making entertaining a bliss! The gourmet kitchen boasts SS appliances, a walk-in pantry, quartz counters, white shaker cabinetry, mosaic tile backsplash, and an island w/breakfast bar. The den provides versatility! Main bedroom has a barn door that opens to the ensuite with dual sinks & a walk-in closet. Outback, you have artificial turf and a travertine-covered patio w/ceiling fan! You'll surely love the mountain views! Just WOW!!

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966 E Mulberry Place -- Chandler, AZ 85286

$592,000

3 Beds

2 Baths

1,273 SqFt

Status Active

MLS # 6638729

Property Type Single Family Residence

Price Type --

Charming 3 bedroom and 2 bath home in new Chandler community. Hamilton Landing includes 36 single level homes each with their own front porch, private driveway for 2 vehicles and a single car garage and a small, pet friendly rear yard. Each home has 10' flat ceilings, white cabinets, luxury vinyl plank flooring in every room, two tone paint, beautiful wood trim around windows and doors and granite/quartz countertops in the kitchen and baths. The community includes a dog park with a covered ramada. These homes will be ready for occupancy between March and June of 2024. All photos are of a similar home completed in a previous community.

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1473 W Saddle Run Apache Junction, AZ 85120

$591,990

4 Beds

2 Baths

2,432 SqFt

Status Active

MLS # 6750810

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. The Avelino floor plan offers a refined single-story design with four bedrooms, including an AllGen suite, and a spacious flex area ideal for an office, TV room, or study. Featuring front yard landscaping, this home will be ready for occupancy in October or November. Conveniently situated near community parks, grocery stores, and dining options.

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1424 W Saddle Run Apache Junction, AZ 85120

$591,990

4 Beds

2 Baths

2,432 SqFt

Status Active

MLS # 6750822

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. The Avelino floor plan offers a refined single-story design with four bedrooms, including an AllGen suite, and a spacious flex area ideal for an office, TV room, or study. Featuring front yard landscaping, this home will be ready for occupancy in October or November. Conveniently situated near community parks, grocery stores, and dining options.

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10018 W Verde Lane Avondale, AZ 85392

$591,900

3 Beds

3 Baths

2,485 SqFt

Status Active

MLS # 6752684

Property Type Single Family Residence

Price Type --

***TO BE BUILT*** Find your dream home at Acclaim-a Fulton homes master planned community! The Lincoln Beach is an incredible single story home with a spacious 40' RV plus 2 car tandem garage. Many included features such as gourmet kitchen, 10' ceilings, 8' doors, paver driveways, ceiling fans, 2'' faux wood blinds and much more. Customize with a 4th bedroom, a spa shower, additional electrical and much more. Buyer can select interior finishes at our incredible 13.000 sq. ft design center. Fulton homes are ''Zero Energy Ready'' and include tankless water heaters, spray foam insulation, electric vehicle ready and pre plumb for solar installation. Residents enjoy a community pool, basketball courts, pickle ball courts, sand volleyball, bocce ball, greenbelts and children's playgrounds.

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35658 N Lodestone Drive San Tan Valley, AZ 85144

$590,995

3 Beds

2.5 Baths

2,129 SqFt

Status Active

MLS # 6729118

Property Type Single Family Residence

Price Type --

This designer appointed contemporary home design has no backing neighbors and is available for a quick move-in! This home offers a fully upgraded Kitchen Aid appliance package, marble slate shaker cabinets throughout, quartz countertops in the kitchen and primary bathroom, striking hexagon backsplash, floor to ceiling tiling in the primary shower, and even more. You won't want to miss these mountain views from the 9' multi-panel pocket sliding door accessible from the great room. Move into your dream home with the entire home designed by our professional designer team!

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4106 W Eli Drive San Tan Valley, AZ 85144

$590,005

5 Beds

4 Baths

2,762 SqFt

Status Active

MLS # 6748793

Property Type Single Family Residence

Price Type --

The Pacific plan offers space for the entire family. This home features 4 bedrooms upstairs with a guest bedroom downstairs. A perfect retreat for long-term guests. The spacious kitchen offers ample counter space and opens to the great room for ideal entertaining. Custom interior finishes include: matte granite countertops, shaker cabinets, custom kitchen backsplash, and natural wood-look tile flooring in all the right places.

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1047 W Elna Rae Street Tempe, AZ 85281

$590,000

5 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6769188

Property Type Single Family Residence

Price Type --

NO HOA!! Remodeled 5 bd/3 bath located in the heart of Tempe features open and bright layout with new flooring throughout, new granite countertops, new light fixtures, and new paint. Located near ASU, Tempe Beach Park, the Phoenix Zoo, Arizona Botanical Gardens, Sky Harbor International Airport - and easy to get to!

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17934 W Porter Lane Goodyear, AZ 85338

$590,000

4 Beds

3 Baths

2,328 SqFt

Status Active

MLS # 6742016

Property Type Single Family Residence

Price Type --

Welcome to your tranquil cul-de-sac sanctuary, where every detail is designed for your utmost comfort & enjoyment. Step into the oversized backyard, a verdant oasis complete w/ a sparkling pool, lush landscaping, & vibrant fruit trees. Picture yourself lounging in the pool or entertaining guests under the Arizona sky w/ the inviting above-ground spa & built-in BBQ. Inside, the heart of the home awaits w/ a kitchen that has undergone a dramatic transformation. Refaced cabinets, exquisite granite countertops, a stylish backsplash, and a stunning granite waterfall island set the stage for culinary excellence, while upgraded appliances ensure a top-notch cooking experience. The kitchen seamlessly flows into the family rm, where a cozy fireplace awaits for gatherings w/ loved ones. This home has seen a wave of enhancements, from wood porcelain tile flooring throughout the downstairs to a new water softener and fresh exterior paint. A new roof and the addition of a saltwater hot tub further elevate the property's allure. Upstairs, the primary bedroom retreat offers breathtaking views of the Estrella Mountains from your private deck. The primary bathroom is a haven of luxury with a freestanding bathtub and spacious walk-in shower, ensuring both relaxation and practicality. Routine maintenance on HVAC systems and landscaping has been diligently performed, ensuring your home remains a haven of comfort and beauty. And with access to the incredible amenities of Estrella Mountain Ranch, including lakes, parks, trails, and golf courses, a lifestyle of leisure and adventure awaits you and your family. Don't miss the opportunity to make this dream home yours today!

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8789 W Frier Drive Glendale, AZ 85305

$590,000

5 Beds

3 Baths

2,693 SqFt

Status Active

MLS # 6759762

Property Type Single Family Residence

Price Type --

*It's giving tropical!* Step into your own private paradise! This stunning home boasts a meticulously landscaped backyard featuring a sparkling pool, perfect for relaxing or entertaining. The lush greenery creates a tranquil atmosphere. The patio invites you to enjoy summer barbecues or quiet evenings under the stars. This stunning two-story home features 5 spacious bedrooms & 3 bathrooms, perfect for accommodating the whole family. With a three-car garage, you'll have plenty of room for vehicles and storage. Don't miss out on this gem!

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1365 W Laguna Azul Avenue Mesa, AZ 85202

$590,000

3 Beds

2.5 Baths

2,074 SqFt

Status Active

MLS # 6765770

Property Type Single Family Residence

Price Type --

Have you been looking for your forever home in Dobson Ranch with over a 10,000 sq ft lot? If so look no more, this home is completely remodeled from top to bottom. Recent upgrades include renovated bathrooms, dual pane windows, massive security gate, electrical service panels in the garage, newly installed Ho2 system, sliders, drop ceiling removed to give you actual space in the living areas, new kitchen with custom cabinets, stainless appliances and high grade quartz counters. The master is oversized with own access to courtyard. Come check out all this home has to offer. This home is located in the prestigious Dobson Ranch Subdivision with community pool, many activities, close to freeway access, shops, restaurants and so much more.

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640 N Nevada Way Gilbert, AZ 85233

$590,000

3 Beds

2 Baths

1,847 SqFt

Status Active

MLS # 6768547

Property Type Single Family Residence

Price Type --

Cayman Square neighborhood of Gilbert. This home has some appealing features, including owned solar 3 bedrooms and 2 bathrooms Gourmet kitchen with stainless steel appliances white washer and dryer included. Master bedroom with an exit door to the backyard, master bathroom with an expanded shower, oversized second and third bedrooms. Separate formal dining, living room and family room. Whole house anti-scale water system, a fantastic feature for protecting plumbing and appliances from hard water buildup. 3-car garage with cabinets and oversized driveway. Backyard oasis a perfect space for relaxation, featuring an extended covered patio, artificial turf a gated private PebbleTec pool, palm trees giving you that tropical feeling! Convenient location: Close to freeways entertainment, and shopping, adding to the convenience of the property. This home will bring the new owner years of happiness and enjoyment!

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