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.

Whats 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.

What’s Your Home Worth?

Search for Your New Home

23500 W Galpin Road Buckeye, AZ 85326

$575,000
3 Beds
2 Baths
2,240 SqFt
Status Active
MLS # 6693853
Property Type Single Family Residence
Price Type --
** Motivated seller. Ranch style home on nearly an acre lot with beautiful mountain views on a quiet cul-de-sac! Irrigated lot with your own private well! No water shortages here! Home features granite counter tops in both Kitchen & bathrooms. Huge laundry room with plenty of storage, and a large game room/ workout room with brick fireplace. Come check out this property today and see all the space you can have for your animals, toys & more!! No HOA, possibilities are endless!!

17830 W Columbine Drive Surprise, AZ 85388

$575,000
5 Beds
3.5 Baths
3,799 SqFt
Status Active
MLS # 6699865
Property Type Single Family Residence
Price Type --
As you step into this home you will see pride of ownership throughout. With upgrades through out the down stairs. This sprawling 5-bed, 3.5-bath with a 4-car tandem garage 39'x19'. This home boasts charm and functionality throughout. There is a large office downstairs that is ideal for remote work. The farmhouse kitchen exudes warmth, with the living area off the kitchen. The large living room has a built-in fireplace with shelves and a cabinet with a large remote animal door. Walking upstairs, you see that a large loft offers endless possibilities. An RV gate on the side of the house leads to a great backyard space. The backyard is also plumbed for a gas grill. This is a must-see home in the West Valley.

5526 S Grenoble Street Mesa, AZ 85212

$575,000
3 Beds
2 Baths
2,020 SqFt
Status Active
MLS # 6700408
Property Type Single Family Residence
Price Type --
The things this home has to offer!!! From the 3 Beds, 2 baths, the Glass Doors Studio/DEN to the Tankless Gas Water Heater, the water Softener and water Filter, to the hidden Safe, extended cabinets at kitchen, the quartz countertops, Murphy Bed for your guests, to the surround system in the great room and the TV on the patio, colorful outdoor Jacuzzi to relax under the pergola, the outdoor lightening, Variety of Fruit Trees, and top it off with the separate doggy play area. Come see it and you will fall in love!

7604 W Molly Drive Peoria, AZ 85383

$575,000
3 Beds
2 Baths
1,882 SqFt
Status Active
MLS # 6708257
Property Type Single Family Residence
Price Type --
Beautiful home in the gated community of Rock Springs featuring 3 Bedrooms/Den/2 Bathrooms and Pool! Don't miss this opportunity to purchase this low maintenance, upgraded, modern gem. Located on a corner lot, North/South facing, extended driveway are all exterior bonus features. The interior showcases an open-concept Great Room, modern kitchen with spacious island for entertaining, and recessed entertainment wall. The den or flex-room is located off of the Great Room and the two other bedrooms are split from the Master Bedroom. The upgraded garage has storage cabinets, overhead storage, and space for refrigerator. Energy efficiency and low utilities are other features of this well built home.

3862 E Narrowleaf Drive Gilbert, AZ 85298

$575,000
4 Beds
3 Baths
1,940 SqFt
Status Active
MLS # 6747524
Property Type Single Family Residence
Price Type --
This charming home, located in the highly sought-after Bridges at Gilbert, is brimming with character and ready for its next owner. Meticulously maintained and turn-key ready, this residence features an open-concept floor plan that seamlessly combines a spacious living area with upgraded plank tile flooring, soaring vaulted ceilings, granite countertops, and modern cabinetry. The generously sized primary bedroom, tucked away at the rear of the home, offers privacy and direct access to the backyard. A Jack and Jill bathroom serves an oversized secondary bedroom, providing convenience and functionality. The split and open floor plan enhances the home's cozy yet private atmosphere. The RO system and Water softener are owned and convey with the property. With professional low-maintenance landscaping, impressive curb appeal, practical updates, community amenities, and an unrivaled location, this property is the perfect place to call home.

142 W Ivanhoe Place Chandler, AZ 85225

$575,000
3 Beds
2 Baths
1,619 SqFt
Status Active
MLS # 6711592
Property Type Single Family Residence
Price Type --
Calling All Investors! Long term tenant in place currently paying $5,500 in rent until December 2024. Tenant willing to renew for minimum 12-18 month extension & Seller willing to do up to $150K seller carry back loan! Behavioral Group Home licensed up to 5 residents in Chandler AZ with long term tenant in place (Real Estate Only) - priced at over a 10% cap rate! Perfect investment opportunity or 1031 exchange opportunity to purchase a highly profitable and extremely easy rental income property. Tenant pays for utilities except solar payment. Property can be zoned for 10 with addition sq ft and fire sprinklers. The tenant has been running his business in the home since 2020. Complete rental history available including all operating expenses. Low overhead and easy rental income home.

3956 W Salter Drive Glendale, AZ 85308

$575,000
4 Beds
4 Baths
3,590 SqFt
Status Active
MLS # 6718663
Property Type Single Family Residence
Price Type --
Seller may consider buyer concessions if made in an offer. Welcome to your future home! This BASEMENT property features 4 bedrooms and 4 baths with an open floor plan. In the kitchen, a functional island offers extra counter space and storage. The primary bathroom boasts double sinks, a separate tub, and a shower for added luxury. The primary bedroom includes a practical walk-in closet for ample storage. Outside, the patio provides a relaxing space to unwind or entertain, surrounded by a fenced-in backyard for privacy. Recent updates include partial flooring replacement, giving the home a fresh, modern feel. Every detail of this property has been meticulously planned to create a welcoming space for your memories. Come and see this beautiful home, which could be yours. Don't miss out on thi

9624 E Thunderbolt Avenue Mesa, AZ 85212

$575,000
5 Beds
3 Baths
1,934 SqFt
Status Active
MLS # 6722619
Property Type Single Family Residence
Price Type --
BETTER THAN NEW Single-Level 5 Bedrooms & 3 Full Baths! Professionally Landscaped Backyard has low maintenance synth Grass & Pavers! Wood-Plank tile throughout entire home. Carpeted Bedrooms. Gorgeous Kitchen has white Cabinets with dark hardware, an upgraded Gas Stove/Range, HUGE Breakfast Bar, Quartz Counters, BIG Pantry! Private Split Bedroom & Bathroom is perfect for an Office or Guests. High-end Lighting fixtures & Ceiling fans! Designer touches everywhere! 9+ foot & vaulted Ceilings. Garage overhead Storage Racks. Tankless water heater. N/S exposure. Water Softener. Cadence HOA amenities - multiple lap & play Pools with water slides, Tennis/Basketball/Volleyball/Bocce Sport Courts, Fitness & Community Centers, Playgrounds, Dog Park. Schools close by. Don't miss this one!

7513 E Mckinley Street Scottsdale, AZ 85257

$575,000
3 Beds
2 Baths
1,312 SqFt
Status Active
MLS # 6736664
Property Type Single Family Residence
Price Type --
Lovely 3 Bedroom 2 Bath Scottsdale home with NO HOA. NO Carpet. Large Covered Patio. Home updates 2020/2021: Kitchen Cabinets, Kitchen Countertops, Kitchen Appliances, Porcelain Tile Flooring throughout, Bathrooms, Water Heater, Large Primary Closet, Plumbing, Electrical and Electrical Panel. Patio Roof was redone July 2024. Minutes from Sky Harbor, Old Town, Fashion Square, ASU, Desert Botanical, Phoenix Zoo, 101, 202 and more! Can be turn-key as furnishings can be purchased on a separate bill of sale. Buyer to verify all facts and figures.

5095 N Grand Drive Apache Junction, AZ 85120

$575,000
3 Beds
2 Baths
1,705 SqFt
Status Active
MLS # 6733476
Property Type Single Family Residence
Price Type --
Enjoy awesome Goldfield and Superstition Mountain views from this 3 bedroom, 2 bath home situated on 1.25 acre. The open floor plan is enhanced with lots of natural light, vaulted ceiling and tile floors. Kitchen is complete with ample cabinets, granite counters, center island, wine bar and all appliances. Master suite offers large walk-in closet, spacious tile shower, dual vanities and exit to the extended front patio...A perfect place to enjoy amazing sunrises and sunsets while relaxing in the hot tub. The block fencing ensures privacy and defines multiple areas for additional garage space, horse facilities or room to roam.

1327 N Joplin Circle Mesa, AZ 85207

$575,000
3 Beds
2 Baths
1,809 SqFt
Status Active
MLS # 6734841
Property Type Single Family Residence
Price Type --
Clean and move in ready home in the tranquil Saguaro Mountain gated community. Cul-de-Sac lot, original owner, lots of curb appeal, single level which means no stairs. Wonderful private community park with playground, basketball and volleyball courts. Close to Red Mountain Community Park, and Usery Mountain Park with hiking and biking trails throughout. Home offers an open floor plan which is great for entertaining. Large backyard with extended covered patio allows for a great place to unwind after a long day. Close to shopping, dining and entertainment. Come take a look at your future home.

18118 W Golden Lane Waddell, AZ 85355

$575,000
5 Beds
2.5 Baths
3,548 SqFt
Status Active
MLS # 6735575
Property Type Single Family Residence
Price Type --
Nestled near the highly desirable White Tank Mountains, this wonderful home offers a perfect blend of country charm and city convenience. With over 3,500 square feet, it provides ample space for a large family. The home features a formal living room, dining room, family room, and a spacious loft. The generous-sized bedrooms include a downstairs master suite with a large walk-in closet. The expansive kitchen is a chef's delight, boasting an island and granite countertops. The backyard is primed for outdoor enjoyment, with enough space for a pool and a deck equipped with an electric movie screen, ideal for family movie nights. Additional highlights include a workshop, RV gate, 3-car garage, and a large laundry room. This home truly has it all for comfort and convenience. Solar too !

Leave a Reply

Your email address will not be published.