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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17474 W Straight Arrow Lane Surprise, AZ 85387

$585,000

4 Beds

2.5 Baths

2,908 SqFt

Status Active

MLS # 6738139

Property Type Single Family Residence

Price Type --

A lifestyle to treasure! This stunning property is in a most desirable neighborhood and is the key to elegance and comfort. Vacation daily in your community with a pool, splash pad, volleyball, basketball, picnic areas, and hiking trails just to the north. You also get a 4-bedroom home with dedicated office space that is energy-efficient with solar. Easy to whip up culinary delights on your 5-burner gas stove. Both living areas provide flexibility to accommodate your particular style of living. Your large back yard accommodates outdoor living with a covered patio, pavered gathering areas, and artificial turf. Also, a 3-car tandem garage for your motor toys or extra storage. Compare other neighboring properties and discover the opportunity to own this home at a bargain price.

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7216 W Judy Lynn Lane Peoria, AZ 85382

$585,000

4 Beds

2.5 Baths

2,287 SqFt

Status Active

MLS # 6772487

Property Type Single Family Residence

Price Type --

This inviting 4-bedroom, 2.5-bathroom, 2-story home features recent updates and owned solar with loan assumption! With a family room, great room, and loft, this 2,287 sqft home offers ample living space. Updates include a fully remodeled kitchen in 2024, new flooring in 2021, new A/C and water heater unit in 2022, and fresh exterior paint in 2022, ensuring a move-in-ready experience. The bright and airy interior features tall ceilings and dual-pane windows. The split primary bedroom is conveniently located downstairs and includes a full ensuite bathroom and walk-in closet. The kitchen boasts a walk-in pantry, stunning quartz countertops and an island with a breakfast bar. The backyard has been transformed into an outdoor oasis, complete with a newly built BBQ with a bar, and a gorgeous pool with a waterfall feature and new pool equipment including pool filter (2020), pool pump (2020) and pool vacuum (2021). Don't miss out on this impeccable home!

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10260 E White Feather Lane Unit 2048 Scottsdale, AZ 85262

$585,000

2 Beds

2 Baths

1,381 SqFt

Status Active

MLS # 6774632

Property Type Apartment

Price Type --

This lock-and-leave condo in Troon North has been refreshed and repriced for a quick sale, offering an unbeatable value for luxury living. The motivated seller has completely painted this 2-bed, 2-bath unit, 1 car garage making it spotless, fresh and move-in ready. Enjoy endless amenities, including a heated pool and spa, fitness center, and a BBQ area for outdoor dining steps from this unit. The community features pickleball and tennis courts, and is tucked just inside the Troon North Golf Club, ranked Top 10 public course in AZ with two championship Tom Weiskopf designed courses. Perfect for seasonal or year-round living, this is your chance to enjoy the Scottsdale lifestyle at an incredible price! Book your private tour today! Easy to show, ready for you to make North Scottsdale HOME!

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21033 E Camina Buena Vista Queen Creek, AZ 85142

$585,000

4 Beds

3 Baths

1,994 SqFt

Status Active

MLS # 6771915

Property Type Single Family Residence

Price Type --

Don't Miss Out on this CLOSE OUT & FINAL OPPORTUNITY for this beautiful inventory home located in desirable Hastings Farms. Plus BELOW MARKET RATES AVAILABLE on Fixed Rate or Rate Buydown for qualified buyers when financing with Builder's preferred Lender(s). Located close to Queen Creek Marketplace Shopping, Dining & Entertainment, this Community has Parks, Soccer Field, Basketball Courts, & 8-Mile Walking trail. this Beautiful home is across from the park. Beautiful designer finishes including Gas Cooktop, Double Wall Ovens, 42' Upper Cabinets, Quartz Kitchen Countertop, Tiled Backsplash, Plank Tile Flooring & Window Blinds. Don't Wait, Come See This Home Today.

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15913 S 11th Way Phoenix, AZ 85048

New

$585,000

4 Beds

3 Baths

2,388 SqFt

Status Active

MLS # 6777033

Property Type Single Family Residence

Price Type --

Discover your next home at 15913 S 11th Way, nestled in the gated Rosewood Village at the Foothills! Freshly updated with new carpet, paint, and appliances, this 4-bedroom, 3-bathroom gem offers breathtaking mountain views and a flexible loft space. Enjoy the Arizona lifestyle with a private backyard featuring lush turf and pavers - perfect for family gatherings. With a main-floor bedroom and bath, this home is ideal for guests or multi-generational living. Priced to sell, this beautiful property is a fantastic opportunity for a new family seeking comfort, style, and an amazing value!

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6722 W Piute Avenue Glendale, AZ 85308

$585,000

4 Beds

2 Baths

2,041 SqFt

Status Active

MLS # 6659432

Property Type Single Family Residence

Price Type --

Fantastic property for sale! You will love the light and bright floor plan boasting ample living spaces, a fully equipped kitchen for cooking, and four sizable bedrooms. Outside, discover a serene backyard with a paver patio ideal for gatherings. Don't wait! Tenant is place and the lease ends 12/31/2024.

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28016 N 251st Avenue Wittmann, AZ 85361

$585,000

3 Beds

2 Baths

1,654 SqFt

Status Active

MLS # 6667989

Property Type Single Family Residence

Price Type --

This luxurious mini mansion on over an acre of land in the roping capital of the world is a haven for horse enthusiasts, boasting a private arena and covered stalls on-site, alongside ride-in, ride-out desert access and close proximity to major roping events. The property's circular drive, low-maintenance desert landscaping, and shared well guarantee pristine surroundings and water quality. Inside, the open floor plan facilitates seamless entertaining, complemented by a spacious kitchen featuring stainless steel appliances and tile countertops. With no restrictions, enjoy the freedom to park your camper on-site, striking a perfect balance between privacy and convenience.

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3230 E Larkspur Drive Phoenix, AZ 85032

$585,000

3 Beds

2 Baths

1,883 SqFt

Status Active

MLS # 6696130

Property Type Single Family Residence

Price Type --

Unleash your desert dreams in this North Phoenix gem! This unique 3BR/2BA block home rests on a sprawling 10,000+ sq ft lot near Hwy 51. Step into your own backyard paradise boasting a refreshing diving pool, relaxing pagona, and ample RV parking - all with the freedom of NO HOA restrictions! Soothing water features weave throughout the property, culminating in a front patio oasis complete with a cascading waterfall, a fire feature for cozy nights, and a built-in bar for entertaining. This property offers endless possibilities to craft your ideal desert escape. Don't miss this chance to transform this unique residence into your own personal oasis!

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2221 E Mountain Lion Lane Overgaard, AZ 85933

$585,000

3 Beds

2 Baths

1,729 SqFt

Status Active

MLS # 6711074

Property Type Single Family Residence

Price Type --

This mountain retreat is more than just a home; it's a sanctuary where luxury seamlessly merges with nature, providing an idyllic escape from the everyday hustle. Perfect for both full-time living & weekend getaways, this property is nestled on a 1.01-acre lot adorned with a rich variety of trees, including tall Ponderosa pines, Pinion, Juniper, & cedar. The expansive front & back decks, along with the fire pit area, offer numerous spaces for relaxation & entertaining. Inside, you'll find a welcoming open floor plan highlighted by vaulted ceilings & a striking rock gas fireplace. The layout includes three bedrooms, two baths, and a loft with a Murphy bed, ensuring ample space & comfort. Additional features include a 2.5-car attached garage & a NEW new roof. This retreat comes furnished.

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36038 N Puente Alto Avenue San Tan Valley, AZ 85140

$585,000

2 Beds

2 Baths

1,769 SqFt

Status Active

MLS # 6717592

Property Type Single Family Residence

Price Type --

Stunning home that will deliver perfection to any buyer. Home is upscale and the sellers did many upgrades after moving into the property including glass and iron front door, upgraded springs on garage door, upgraded all appliances in property. landscaping is immaculate with fencing around property, travertine tile on patio and front entryway, electric screen enclosure on patio installed, cabinets painted, ventilation system installed. Back porch fireplace is perfect. Quiet location with privacy has a greenbelt in the back of home. Mountain views are amazing. Home is amazing please get this one while it is available.

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90 Ponderosa Drive Mormon Lake, AZ 86038

$585,000

3 Beds

2 Baths

1,120 SqFt

Status Active

MLS # 6721100

Property Type Single Family Residence

Price Type --

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1514 E Diamond Street Phoenix, AZ 85006

$585,000

4 Beds

3 Baths

1,766 SqFt

Status Active

MLS # 6730147

Property Type Single Family Residence

Price Type --

Check out this CHARMING, VINTAGE, ADOBE, home located in the exciting North Garfield HISTORIC DISTRICT! Thanks to a large ensuite and ARIZONA ROOM addition this home is quite LARGE compared to neighboring homes (1,776 SF). Additionally this home features a fully detached casita/GUEST HOUSE with kitchenette, bathroom, and it's own HVAC unit, making it perfect to use for your favorite in-laws or to supplement the mortgage with a tenant... Step inside the main house and you will find tasteful upgrades that perfectly accentuate all of the historic charm that this home has to offer. ORIGINAL DETAILS INCLUDE; coved ceilings, wooden front door w/ hardware, mail slot, milk door, and hutch. And to top this all off, the home comes with OWNED SOLAR! AVG. electricity bill is $65/Mo!

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