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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16062 W Alameda Road Surprise, AZ 85387

$578,960

4 Beds

3.5 Baths

2,674 SqFt

Status Active

MLS # 6729568

Property Type Single Family Residence

Price Type --

MOVE IN READY, BRIGHT GREAT ROOM PLAN , QUICK CLOSE!! 4 BEDROOM PLUS LOFT, 3.5 BATH , 9'CEILINGS, GOURMET KITCHEN LAYOUT, UPGRADE CABINETS , GRANITE KITCHEN TOPS, SPA SHOWER, TILED FLOORING. 2'WHITE BLINDS, CEILING FANS, FRONT YARD LANSCAPING COMPLETED, ENERGY STAR QUALIFIED HOME, INDOOR AIR PLUS. A SHORT DISTANCE FROM THE COMMUNITY POOL AREA, PICNIC AREA, TOT LOTS, BASKETBALL, PICKLE BALL COURTSAND SO MUCH MORE.

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3726 E Rochelle Circle Mesa, AZ 85215

$578,950

3 Beds

2 Baths

1,705 SqFt

Status Active

MLS # 6749729

Property Type Single Family Residence

Price Type --

This is a to be built home being offered at Base Price plus lot premium. Price includes a nice standard feature package and an option allowance to be used at the Design Studio to personalize the home to your tastes. Features include a heavy iron front door, 2x6 ext. framing, dual pane vinyl windows, Carrier gas furnace and AC. Price includes ceramic tile in select areas. Choice of interior door styles, iron front door styles plus choice of door hardware and bathroom fixture colors. 10' interior ceilings, front porch and rear patio included! Much more. Front view picture is of an artists rendering, pics are of a upgraded former model home. Final price is determined by any other options or upgrades added by buyer at the Design Studio. Taxes are estimated. 2025 completion

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8572 W Palo Verde Avenue Peoria, AZ 85345

$578,900

5 Beds

2 Baths

2,196 SqFt

Status Active

MLS # 6731165

Property Type Single Family Residence

Price Type --

Welcome to your next business opportunity! This spacious 5 beds, 2 baths home with a sprinkler system is ideal for starting or expanding a group home business. Previously licensed for a 10-bed behavior group home, it offers ample room for residents with its professionally converted garage adding extra space. Located in a prime area with easy access to local amenities and healthcare facilities, Its turnkey nature allows for business operations, offering significant growth potential and profitability.

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6971 W Heritage Way Florence, AZ 85132

$578,700

2 Beds

2 Baths

2,324 SqFt

Status Active

MLS # 6769497

Property Type Single Family Residence

Price Type --

RESORT STYLE LIVING.....w/ your own pool on the 16th fairway of POSTON BUTTE golf course! Enter the spacious courtyard & into your dreams. Chef Lux kitchen features an island, stainless appliances, gas cooktop, double ovens, above/under cabinet lighting, R/O, tile backsplash & granite counters. Owner's Suite w/ slider to the patio & overlooks the SPARKLING POOL, WATERFALL & GOLF COURSE! Relax on the ext patio w/ sunshades & lush landscaping. Living area features a built in entertainment center, water feature & surround sound. Room for guests w/ Murphy bed/built in desk in the den. FULL 3 car garage leaves room for toys! Home is offered turnkey/furnished for no additional cost! ENJOY ALL SUN CITY OFFERS w/outdoor/indoor pools/spas, full gym & Poston Butte Golf Course! AVAILABLE TODAY!!

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18176 W Paradise Lane Surprise, AZ 85388

$578,000

4 Beds

2 Baths

2,230 SqFt

Status Active

MLS # 6760419

Property Type Single Family Residence

Price Type --

Welcome Home! This Meticulously maintained 4 bedroom, 2 bath home backs to a quiet greenbelt with walking trails giving you privacy while enjoying swimming in the custom pool that features a waterfall or relaxing on the covered patio. Enjoy cooking in the gourmet kitchen which includes cherry cabinets, granite countertops, double oven and all new SS appliances. Cozy up next to the gas fireplace in the great room that features 10' tall ceilings and plantation blinds throughout the house. The large primary bedroom features sliding door access to the patio and pool area, an ensuite bathroom, walk in closet with built-ins. Enjoy the oversized three car garage with built-in cabinets and a large laundry room. New AC/Heater/Water Heater. This home shows like brand new, you wont be disappointed.

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3887 E Claxton Avenue Gilbert, AZ 85297

$578,000

5 Beds

2.5 Baths

2,523 SqFt

Status Active

MLS # 6732789

Property Type Single Family Residence

Price Type --

Incredible investment opportunity in the award winning Power Ranch community. Spacious 5 bedroom/3bathroom with tenant secured at competitive market rent to 2/28/25. Primary bath has large walk in closet, as does one of the guest bedrooms. Covered patio with flagstone pathway and low maintenance landscape

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$578,000

5 Beds

4 Baths

4,141 SqFt

Status Active

MLS # 6748218

Property Type Single Family Residence

Price Type --

Beautiful house in the desired area of San Tan Valley/Queen Creek area. HUGE home with 5 bedrooms, 4 full baths, open-floor plan, big loft, large bedroom and full bathroom downstairs, oversized walk-in closet, 3-car garage, large RV gate with enough area for all your toys and storage and a huge backyard to relax. Just minutes away from HWY 60 and Hwy 24 for easy access to your job and the city. This community featuring lots of walking and biking paths, parks and volleyball court, entertainment and much, much more.

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10237 E Ulysses Avenue Mesa, AZ 85212

$577,946

4 Beds

3.5 Baths

2,536 SqFt

Status Active

MLS # 6769954

Property Type Single Family Residence

Price Type --

Welcome to your 2024 DREAM home in the highly sought-after Medley at Avalon Crossing! Over $62k in UPGRADES! This BEAUTIFUL home combines stylish elegance + thoughtful living spaces! GOURMET kitchen features quartz countertops + Whirlpool stainless appliance suite! The great room is perfect for entertaining, while the upstairs loft offers additional living space. Private primary suite w/ensuite bath! Balcony! Situated in a BEAUTIFUL community, residents can take advantage of wonderful amenities including a heated pool, playgrounds, bocce ball courts, and scenic walking paths lined with trees. Perfectly designed for modern living, this home offers luxury, comfort, and community all in one! WELCOME HOME!

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4182 E Bonanza Road Gilbert, AZ 85297

$577,770

4 Beds

3 Baths

2,502 SqFt

Status Active

MLS # 6769940

Property Type Single Family Residence

Price Type --

Welcome Home to Award Winning Power Ranch! Beautiful MOVE IN READY, 4 Bedroom, 3 Full Baths, Living room, Great room, and Oversized Loft! Additional features include front & back covered patios, second level balcony, granite countertops, and upgraded Kitchen Appliances. Samsung Washer, Dryer & Fridge, are INCLUDED! Lower level bedroom & full bath are perfect for a private in-law suite, gym, guest room, or office! 2 car garage, plus partially covered driveway allows parking for 6 vehicles! Power Ranch has 26+ miles of trails, parks, sports, pools, splash pad, lakes, clubhouse, schools, and green belts. Fantastic location allows walking & biking to stores, eateries, gyms, schools, trails, and the Gilbert Regional Park! Its not just a Home, Its a Lifestyle!

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18370 W College Drive Goodyear, AZ 85395

$577,645

3 Beds

2 Baths

2,099 SqFt

Status Active

MLS # 6750583

Property Type Single Family Residence

Price Type --

ENTERTAINER'S DELIGHT! Welcome home to a stunning Meritage 3 bedroom, 2 bath home plus large den, located in the highly-sought after Sedella community in Goodyear. Home sits on a large lot with a beautiful landscaped backyard boasting a large sparkling pool, a large ramada with pavers, a beautiful gas fire pit for those cool desert nights, synthetic turf, large covered patio and dwarf fruit trees. Home also has a large RV Gate with generous paved parking, and RV parking IS allowed. From the moment you walk through the front entry, the spacious floor plan opens up to a great room with vaulted ceilings and a beautiful modern kitchen with a large island and a walk-in pantry, made for entertaining. Primary bedroom suite is split from other bedrooms for private tranquility..... All bedrooms have ample walk-in closets. This home shows pride of ownership and is move-in ready, and shopping and other conveniences are close by.

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21355 E Sparrow Drive Queen Creek, AZ 85142

$577,511

4 Beds

3 Baths

2,185 SqFt

Status Active

MLS # 6753927

Property Type Single Family Residence

Price Type --

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341 E Constitution Drive Gilbert, AZ 85296

$577,500

4 Beds

2 Baths

2,156 SqFt

Status Active

MLS # 6765967

Property Type Single Family Residence

Price Type --

Welcome to your dream home, ideally located in a quiet cul-de-sac near Ray and Gilbert Rd in the heart of Gilbert! This stunning single-story, 4 bedroom, 2 bathroom home offers a bright and airy interior with hardwood floors and tile in the main living areas, and carpet in the bedrooms for maximum comfort. The inviting great room features a cozy fireplace with a custom mantel, perfect for relaxing evenings. The open kitchen is great for entertaining, equipped with stainless steel appliances, updated light fixtures, and a charming eat-in breakfast nook. Step outside to your backyard oasis, complete with a PebbleTec pool, spa, and real grass for outdoor enjoyment. A custom mural adds an artistic touch to the space. The home also boasts a 3-car garage, complete with an extra electrical sub-panel, ideal for a workshop. Plus, there's an RV gate with a cement pad for all your storage needs. With solar panels to keep electric bills low, this home is as efficient as it is beautiful. Don't miss your chance to own this exceptional property in a prime Gilbert location!

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