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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23012 N Giovota Drive Sun City West, AZ 85375

$574,900

3 Beds

2 Baths

1,904 SqFt

Status Active

MLS # 6769607

Property Type Single Family Residence

Price Type --

Discover the epitome of retirement luxury in this exceptional 1,904 sq ft home, perfectly positioned on a larger lot with no direct rear neighbors, offering maximum privacy and serenity. Embrace the elegance of a lushly landscaped front yard featuring a private courtyard complete with a cozy fireplace, setting the scene for unforgettable gatherings. Step inside and be greeted by the impressive rotunda foyer leading to an open-concept living space. Seamlessly connecting the living, dining, and kitchen areas, this layout is ideal for entertaining and everyday living. The kitchen boasts granite countertops, raised panel cabinets with both under and upper lighting, and a breakfast bar island for your culinary explorations. The primary suite is a sanctuary of comfort, offering ample room for a sitting area or office workspace, a walk-in closet, dual sinks, a vanity counter with granite tops, and a beautifully remodeled master walk-in custom shower. Across the home, find two additional spacious bedrooms with easy access to a second bathroom featuring a walk-in shower. This residence is further enhanced by plantation shutters, 18 southwestern tiled flooring, newer tile plank flooring in bedrooms, upgraded lighting fixtures, a newer hot water heater, and a water softener system. The rear yard is a private retreat with a raised conversation firepit area, built-in BBQ, extended patios, and rear awning  all designed for your relaxation and enjoyment. Experience active adult living at its finest in one of Corte Bella's most exquisite homes. Don't miss out on this unique opportunity to own a piece of paradise!

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247 E Las Puertas Lane San Tan Valley, AZ 85140

$574,900

2 Beds

2.5 Baths

1,677 SqFt

Status Active

MLS # 6772024

Property Type Townhouse

Price Type --

Welcome home to Encanterra Country Club and this fully upgraded Valletta Model with all the finest touches. This SMART HOME is loaded with convenient amenities. Upgraded Chef's Kitchen with Quartz Countertop and built in WiFi Appliances and cupboards / Vinyl Plank Flooring / Upgraded bathrooms with Quartz Countertops and Tile showers / Extended back Patio w/ Pergola / Built in Alexa that controls lights, custom fans and TV / Hard wired electric window shades / Multi-slide door in Great Room / Garage w/ EV outlet, custom shelves, water conditioner and epoxy floor / THIS HOME HAS MORE FEATURES AND UPGRADES THAN ANY HOME IN THE AREA, I can't even list them all! / 2 Clubhouses, 4 pools, Championship Golf, Tennis, Pickle Ball, Restaurant, and so much more. Come enjoy the ''Good Life''!

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3426 W Carter Road Phoenix, AZ 85041

$574,900

3 Beds

2.5 Baths

2,230 SqFt

Status Active

MLS # 6773448

Property Type Single Family Residence

Price Type --

This stunning home has it all! 4 y/o Woodside home with endless upgrades in gated community. Kitchen is perfect for preparing & sharing meals and memories, Gas stove with stainless range hood, wall oven and microwave, upgraded refrigerator, step in pantry, extended island and beautiful backsplash. Home has large den/office; upgraded shutters throughout the home. The backyard is a beach lover's dream with a gorgeous pool that has a fountain and a large Baja step. The backyard also has a custom Palapa and a putting green. Extended patio with ceiling fan and turf for easy maintenance. Surround sound is installed in the home. House was set back further than others to allow for a longer driveway for room to park an extended vehicle. Home neighbors beautifully landscaped greenbelt.

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9632 E Olla Avenue Mesa, AZ 85212

$574,900

4 Beds

2 Baths

2,308 SqFt

Status Active

MLS # 6730708

Property Type Single Family Residence

Price Type --

Your Dream Home Awaits! Discover the ideal blend of modern upgrades and cozy living in this stunning property, featuring 4 spacious bedrooms and 2 beautifully appointed bathrooms. This is a must-see! Exterior & Pool. Enter your private oasis, highlighted by a meticulously maintained pool equipped with a new speed pump, floor pop-ups, and a new filter. The PebbleTech resurfacing and fiber optic lighting create a captivating ambiance for evening swims. Freshly painted in 2022, the exterior presents a modern and welcoming aesthetic. Interior Upgrades: Inside, enjoy new tile and carpet flooring throughout, complemented by fresh interior paint. The primary bathroom has been exquisitely remodeled, showcasing a luxurious new shower and cabinet. With newer AC units installed in 2020 With newer AC units installed in 2020 and a new thermostat, year-round comfort is guaranteed. Additional Features: A new roof was installed in 2021, providing durability and peace of mind. The garage comes equipped with a utility door and storage racks for added convenience. An RV gate, backyard shed, and parking slab offer ample space for storage and vehicles. Elegant French doors add a sophisticated touch and easy access to outdoor spaces. Location: This home is ideally located with no neighbors behind, surrounded by single-level homes for added privacy and tranquility. Conveniently situated near schools and major highways (LOOP 202 & US 60), your commute will be a breeze. Don't miss the chance to make this exquisite property your new home. Experience all the wonderful features this home has to offer!

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7024 S Sipapu Court Gold Canyon, AZ 85118

$574,900

3 Beds

2 Baths

1,610 SqFt

Status Active Under Contract

MLS # 6750611

Property Type Single Family Residence

Price Type --

Incredible updated home on over ¼ acre with resort style yard backs up to open desert & has MTN views! Home remodeled in 2020! Kitchen includes quartz counters, refinished cabinets, backsplash, stainless steel appliances & breakfast bar! New interior/exterior paint, wood laminate flooring & all light fixtures/fans. Master bed/bath remodeled 2020 w/ walk in tiled shower, new plumbing fixtures, double doors open to outside paradise. Hall bath remodeled 2020! NEW AC 2022! Great room/Master bed fireplaces! Backyard oasis has solar heated pebbletec pool with waterfall, spa conveys, built in BBQ, outdoor fireplace, pergola, large patio. Gold Canyon has some of the most beautiful views in AZ. This large 12,300+ SF cul-de-sac lot backs up to open desert. No neighbors behind! This home is amazing! Other features or additional info; New sun screens, mature trees, heated pool, 32 inch TV on patio conveys as well, walking bridge in front yard, large walkin master closet, both bathrooms have water saving toilets, new wine fridge, skylights, newer Samsung front loading washer and dryer convey, pool shower, enclosed pool & pump! Roof was just recoated and serviced in 2024! GARAGE can fit a full size crew cab truck. Garage also has new hot water heater, garage sink, epoxy floors, service door, storage racks/cabinets

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2633 E Detroit Place Chandler, AZ 85225

$574,900

3 Beds

3 Baths

1,892 SqFt

Status Active Under Contract

MLS # 6772115

Property Type Single Family Residence

Price Type --

This stunning 3-bedroom, 3-full-bath residence is perfectly situated on a spacious pie-shaped lot in a quiet cul-de-sac. Step inside to discover beautiful new flooring throughout, enhancing the home's inviting atmosphere. The primary bathroom has been tastefully upgraded, offering a luxurious retreat. Outside, the backyard is a true oasis, featuring new pavers and turf—ideal for entertaining family and friends. Dive into relaxation with a resurfaced pool, complete with new pool equipment for worry-free enjoyment. Surrounded by mature trees, this backyard offers plenty of shade and tranquility. Don't miss this opportunity to own a home that combines comfort, style, and outdoor living. Owner/Agent.

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3448 W Sunshine Butte Drive San Tan Valley, AZ 85144

New

$574,900

4 Beds

3 Baths

3,291 SqFt

Status Active

MLS # 6777185

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 3-bath home, nestled near the beautiful San Tan Mountains in a wonderful neighborhood. This 3,290 square foot home features large vaulted ceilings and newer flooring throughout. The updated kitchen is perfect for any home chef, and the pebble tech pool offers a refreshing retreat. With solar panels and a Tesla charger connection in the 3-car garage, this home is both eco-friendly and convenient. Enjoy the spacious layout and all the modern amenities this home has to offer. The community also boasts a park, schools, walking paths, and plenty of shopping and restaurant amenities nearby.

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17810 W Summit Drive Goodyear, AZ 85338

$574,900

4 Beds

2 Baths

2,381 SqFt

Status Active

MLS # 6722662

Property Type Single Family Residence

Price Type --

WOW!! Rare opportunity to own one of the few preserve lots in Estrella. Private setting with beautiful views, this premium lot (nearly 13,000 square feet) is a ''ONE OF A KIND''. Well kept home boasting 2381 square feet, 4 bedrooms & 2 baths is nestled by both lakes and all Estrella has to offer! Spacious kitchen opens to your family room with a fireplace & views of your incredible yard. An additional dining & living room or flex space for an office/ den. All the big ticket items have been done for you...NEWER ROOF, NEW PEBBLETEC POOL & TILE , NEW AC PLUS WINDOWS HAVE ALL BEEN REPLACED. Outside enjoy the oversized lot with FANTASTIC VIEWS perfect for entertaining. A refreshing pool, gazebo, BBQ, planter boxes, covered patio & of course the preserve as your neighbor. Buyer to verify info

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406 E Glenhaven Drive Phoenix, AZ 85048

$574,900

4 Beds

3 Baths

2,303 SqFt

Status Active

MLS # 6762786

Property Type Single Family Residence

Price Type --

Come see this beautiful, upgraded 4 bed, 3 full bath home in a quiet section of The Foothills. The kitchen features custom upgrades including Wellborn cabinets, quartz countertops, island, and pendant lighting. The guest bedroom is downstairs, with full bath. The owner's suite features vaulted ceilings, shutters, and a private balcony to enjoy the gorgeous mountain views. The attached bonus room can be used as an office, nursery, or workout room. The owner's bath has a custom tile shower, huge vanity with quartz countertop, dual sinks, and upgraded flooring. The custom closet has a built-in dresser and shelves. Both secondary baths have been updated with new vanities, quartz countertops, fixtures, and paint. The private north-facing backyard is perfect for entertaining or unwinding while taking in the gorgeous mountain views. New refrigerator and dishwasher installed this year. Roof and HVAC are less than 6 yrs old and will give you years of enjoyment without worry or cost.

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33395 N 132nd Drive Peoria, AZ 85383

$574,900

4 Beds

2.5 Baths

1,940 SqFt

Status Active

MLS # 6748045

Property Type Single Family Residence

Price Type --

MOVE IN NOW! Welcome to your brand NEW HOME in Villages at Vistancia, North Peoria. With a premium oversized lot and a north-facing view, you are surrounded by the natural beauty of the Sonoran desert and the mountains. Step inside this elegant Shiloh Model by Beazer Homes. 1942 sq.ft. of living space, 4 BED + 2.5 BATHS + 2 CAR Garage with a Double RV Gate! Open concept main living area with classic herringbone-natural wood look porcelain tile floors, 12' great room double sliding doors, LED recessed canned lighting, oil rubbed bronze fixtures and hardware, upgraded designer wood shutters, blinds, trim, and doors throughout. The open-concept kitchen features beveled edge warm-tone granite countertops and an island, rich walnut cabinets, under-cabinet lighting,... stylish smoked glass pendant lighting, stainless steel Whirlpool appliances with double ovens, and a pantry for all your storage needs. Spacious master suite with wood shutter and can-lighting, master bath features porcelain tile floors, executive height granite vanity, double sinks, oil rubbed bronze fixtures, large walk-in shower with dark trim, and a walk-in closet. 3 additional bedrooms, a full bathroom, and a convenient powder room offer plenty of space throughout the home. Pre-wired for cameras, security flood lights, electric car, solar, and ceiling fans. Step out back and enjoy the scenic mountain views, bring your decorating ideas, and create your perfect Arizona oasis on this premium oversized lot. Neighborhood mountain views, close proximity to 303 freeway access, 20 minutes to TSMC, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park. Full list of updates available.

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9351 W Deanna Drive Peoria, AZ 85382

$574,900

4 Beds

2.5 Baths

2,126 SqFt

Status Active

MLS # 6756025

Property Type Single Family Residence

Price Type --

Amazing Home within Dove Valley Ranch Community! The Home Offers 4 Bedrooms, 2.5 Baths and Sparkling Pool! Close to Schools, Shopping and Freeway! Seller is offering a 2% concession towards Buyer(s) closing costs or loan fees. Seller just completed remodeling this home.

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1470 N St Paul Drive Gilbert, AZ 85234

$574,900

4 Beds

2.5 Baths

2,267 SqFt

Status Active Under Contract

MLS # 6754187

Property Type Single Family Residence

Price Type --

This stunning, upgraded Gilbert gem is everything you've been waiting for. With a spacious floor plan featuring 4 bedrooms, 2.5 bathrooms, and a versatile loft, this home is designed for comfort and style. The kitchen is a showstopper with sparkling granite countertops, stainless steel appliances, and a large island. Step outside to your private backyard oasis, ideal for entertaining! Enjoy the low-maintenance artificial turf and dive into the heated, sparkling pool all year round. Upstairs, retreat to the expansive primary suite, enjoy the loft which offers extra living space, alongside three additional bedrooms. Location is everything and you're situated across from a beautiful green space, just minutes from the highway and Banner Hospital, providing easy access to all of Gilbert!

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