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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36600 N Cave Creek Road Cave Creek, AZ 85331

$579,500

2 Beds

2 Baths

1,558 SqFt

Status Active

MLS # 6765704

Property Type Townhouse

Price Type --

Welcome to your dream home in the heart of Cave Creek! This beautifully designed residential condo features 2 spacious primary bedrooms, each with en-suite bath. As you step inside, you'll be greeted by an open-concept living space that flows from the kitchen to the living room, perfect for entertaining or relaxing with family. Large sliding doors out to the balcony offer breathtaking views of the iconic Saguaro, allowing you to immerse yourself in the stunning desert landscape. The kitchen comes equipped with stainless steel appliances, ample cabinetry, and an inviting breakfast bar. Enjoy your meals with a view on your private patio, where you can soak in the tranquility of your surroundings. Residents of this community can take advantage of the fantastic amenities, including a sparkling, heated community pool available year round; with hiking trails literally right outside your door! Whether you are relaxing by the water or exploring the nearby hiking trails and local shops, you'll find plenty of ways to enjoy the serene desert lifestyle. This condo offers the perfect blend of comfort, style, and location. Dont miss your chance to own a piece of paradise in Cave Creek!

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15170 W Corrine Drive Surprise, AZ 85379

$579,500

5 Beds

3.5 Baths

2,928 SqFt

Status Active

MLS # 6746709

Property Type Single Family Residence

Price Type --

This stunning home in the highly desirable Marley Park neighborhood combines charm, functionality, and energy efficiency with owned solar. The quintessential Marley Park front porch, accented with stone and a picturesque sidewalk, leads to a spacious interior designed for modern living. The primary suite is conveniently located on the first floor, featuring a luxurious bathroom with upgraded tile shower and bath surround, frameless glass shower door, dual sinks with granite counters, and two separate walk-in closets. Upstairs, four spacious bedrooms provide ample room for everyone, with two sharing a Jack-and-Jill bathroom and the other two enjoying a hall bathroom. Three of these bedrooms feature walk-in closets, ensuring plenty of storage space. The main living areas are adorned with white wooden shutters and beautiful flooring, with no carpetjust tile and high-quality wood-look laminate. The heart of the home, the kitchen, is a chef's dream with a large island, custom pendant lighting, quartz counters, white cabinets, a custom tile backsplash, and stainless steel appliances. A butler's pantry adds extra storage and convenience, complete with additional cabinets, a spacious food pantry, and a separate beverage refrigerator. A large den/office/bonus room near the front door offers flexibility for various uses, while the built-in organization nook with shelves, hooks, and a sliding barn door keeps clutter hidden. The laundry room, also located downstairs, features extra storage cabinets, a quartz counter, utility sink, and an additional storage closet. The home's powder room has been tastefully updated with a new vanity, mirror, and fresh paint. The backyard is a true oasis, featuring a heated pool with a pebble finish, custom LED resort lighting, and a tranquil water feature. The travertine pool surround and stone planter lined with mature ficus trees offer both beauty and privacy. Additionally, the side yard is equipped with artificial turf, perfect for pets. The home's 3-car tandem garage, with spotless epoxy flooring, built-in cabinets, and an overhead storage rack, along with an extra-long driveway, ensures ample parking and storage. With owned solar, this home offers energy efficiency to match its exceptional style. All of this located in the amazing community of Marley Park, featuring three community pools and 21 unique parks connected by an Arbor Walk and within walking distance to schools.

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5128 E Roberta Drive Cave Creek, AZ 85331

$579,500

3 Beds

2.5 Baths

1,943 SqFt

Status Active Under Contract

MLS # 6720024

Property Type Single Family Residence

Price Type --

Great value for this Tatum Ranch Gem. Discover your dream home on this private corner lot with breathtaking mountain views! This meticulously remodeled gem boasts a modern interior featuring sleek new cabinets, luxurious quartzite countertops, and elegant engineered hardwood floors. Indulge in spa-like retreats with the completely updated bathrooms. Brand new stainless steel appliances, fresh paint, and plush turf in the backyard complete this turnkey masterpiece. Enjoy peace of mind with a 4-year-old A/C system. Perfectly located near shopping, dining, and major freeways for ultimate convenience. Don't miss this opportunity!

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16026 W Alameda Road Surprise, AZ 85387

$579,378

4 Beds

3.5 Baths

2,674 SqFt

Status Active

MLS # 6649950

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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Show Low AZ 85901

$579,000

3 Beds

3 Baths

2,065 SqFt

Status Active

MLS # 6716176

Property Type Single Family Residence

Price Type --

Gorgeous New Home on the Fairway! You will love the open concept floor plan conveying furnished. Offering beautiful laminate flooring, 11ft granite kitchen Island, lg pantry, 8ft interior doors, stone gas FP, Master BR w/sitting area/office, granite in both baths, Trex decking, fenced, landscaped & more.

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22261 W Ocupado Drive Wittmann, AZ 85361

$579,000

3 Beds

2 Baths

1,900 SqFt

Status Active Under Contract

MLS # 6763926

Property Type Single Family Residence

Price Type --

Are you wanting to live in a no HOA area? Would you love to have an RV garage? How about a BRAND NEW Home? Located close to Grand Ave. This home will be done before the holidays. This gorgeous home features 3 great size bedrooms, the master has a stunning huge tiled walk in shower. Custom cabinets through out home (Buyers choice from samples) and Beautiful granite countertops. There is wood look tile though out. The layout of this home is great, there is a walk through laundry with a wash station. The home also sits North/South which is highly desired. Builder will consider putting up a block wall around backyard. This can be negotiated into the purchase price. PHOTOS ARE FROM COMPLETED HOME!!

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6298 S Dean Road Buckeye, AZ 85326

$579,000

3 Beds

2 Baths

1,639 SqFt

Status Active

MLS # 6720711

Property Type Single Family Residence

Price Type --

Welcome to this charming home that offers modern comfort on a quiet private street. This open floor plan concept has stainless steel appliances with a large kitchen island and rear covered patio sitting on 2plus acres! Conveniently located close to Sundance & Canyon Trails Towne Centers, schools, parks, and shopping, golf and more! Est. completion date Feb. 2025.

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1282 S Norbert Lane Lakeside, AZ 85929

$579,000

3 Beds

2 Baths

1,501 SqFt

Status Active

MLS # 6746098

Property Type Single Family Residence

Price Type --

Welcome to your charming chalet-style retreat nestled in the serene woodlands of Woodland Park! This picturesque home offers a perfect blend of rustic charm and modern comforts, with a prime location boasting access to a private community lake and the stunning natural beauty of the nearby national forest. Step inside this cozy abode and be greeted by the warm ambiance of wood accents and vaulted ceilings, characteristic of the classic chalet design. The main level welcomes you with two inviting bedrooms and a well-appointed bathroom, providing comfortable accommodations for guests or family members.

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18225 W Paseo Way Goodyear, AZ 85338

$579,000

5 Beds

3 Baths

3,058 SqFt

Status Active

MLS # 6760115

Property Type Single Family Residence

Price Type --

This 5-bdrm, 3-bath Ashton Woods home is nestled within the highly coveted Estrella Mtn. Ranch community. It offers over 3,000 sqft and is adorned with updated laminate flooring, lighting, ceiling fans, and stainless appliances, creating a modern and inviting atmosphere. This residence boasts a first-floor bdrm or office and full bath, complemented upstairs by a split primary suite, three additional generously proportioned bdrms, and a versatile loft space that can be customized to suit your needs. Out back there's an oversized covered patio with pergola, overlooking a mature landscaped backyard with a tranquil fountain and fireplace with large flagstone seating area. Home is a short distance from schools, grocery, residents club & lakes! Don't miss out on this one!

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26990 W Burnett Road Buckeye, AZ 85396

$579,000

2 Beds

2 Baths

1,961 SqFt

Status Active

MLS # 6760185

Property Type Single Family Residence

Price Type --

Delightful 2-bedroom residence on a golf course lot! Be greeted by a 3-car garage, an impeccably designed front yard, & courtyard entry. The inviting family room boasts high ceilings, recessed lighting, a built-in media center, & surround sound speakers. Enjoy gourmet meals in the eat-in kitchen featuring granite counters, staggered cabinets w/crown moulding, stylish backsplash, pendant lighting, built-in appliances, a pantry, built in wine rack & an island w/breakfast bar. The primary bedroom offers an ensuite w/double sinks & walk-in closet. Den with French doors. Spend quiet afternoons in the enchanting backyard boasting a covered patio w/travertine tiles, a built-in BBQ w/dry bar, a warm firepit w/sitting areas, low-maintenance artificial turf & serene golf course views.

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21527 N 78th Lane Peoria, AZ 85382

$579,000

4 Beds

2 Baths

2,078 SqFt

Status Active

MLS # 6768859

Property Type Single Family Residence

Price Type --

WHAT COULD HAVE BEEN THE FORMER MODEL IS NOW AVAILABLE AND LOADED WITH EXTRAS/ EXCELLENT FLOORPLAN WAS DESIGNED FOR FAMILY LIVING W/ SPACIOUS FAMILY & LIVING ROOMS/ BAY WINDOWS IN BOTH DR & LR/ CUSTOM DISTRESSED WOODWORK AND DECORATIVE STONE ACCENTS GIVE THIS HOME THE ''FLETCHER FARMS FEEL''/ CUSTOM PLANTATION SHUTTERS COVER ALL OF THE WINDOWS/ TILE AND LAMINATE COVER THE FLOORS EXCEPT THE CARPETED BEDROOMS/ KITCHEN HAS UPGRADED CABINERTY, GRANITS TOPS, SS APPLIANCES, GAS STOVE, W/I PANTRY AND GREAT BREAKFAST BAR/ OTHER EXTRAS INCLUDE FANS IN ALL ROOMS, 9' CEILINGS, SECURITY SYSTEM, R/O & SOFT WATER, GAS HOT WATER & HEAT & SUNSCREENS/ THE 3CGARAGE HAS EPOXY FLOORS AND ATTACHED GARAGE CABINETS/ EASY CARE DESERT FRONT YARD AND GRASS REAR FOR THE KIDS/ NICE STORAGE SHED W/ ELECTRIC/ SPACIOUS PAVER PATIO WITH OVERSIZED GAZEBO/ YOUR OWN PARK IS DIAGONAL TO THE HOME A BALL THROW AWAY/ THIS HOME IS MOVE IN READY

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16136 W Birdsong Court Surprise, AZ 85374

$579,000

3 Beds

2 Baths

1,889 SqFt

Status Active

MLS # 6773602

Property Type Single Family Residence

Price Type --

Your dream cul-de-sac property is within reach! This 3-bedroom gem features a 3-car garage for ample parking. Inside, you'll find a spacious great room with a neutral palette, plantation shutters, stylish wood-look flooring, and sliding doors that lead to the backyard for seamless indoor-outdoor living. The delightful kitchen comes with quartz counters, white shaker cabinets with crown moulding, chic pendant/recessed lighting, a subway tile backsplash, stainless steel appliances, a pantry, and a peninsula with a breakfast bar for casual meals. The primary bedroom boasts a quaint sitting nook, an ensuite with dual sinks, a soaking tub, and a walk-in closet. Outdoors, you'll find a covered patio with an attached pergola for enjoying the warm Arizona weather. Make it yours!

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