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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31867 N 130th Avenue Peoria, AZ 85383

Open House

$559,990

4 Beds

2 Baths

2,054 SqFt

Status Active

MLS # 6649706

Property Type Single Family Residence

Price Type --

The Kendrick features a quaint, covered front porch ideal for welcoming guests. Walk through the spacious foyer and gallery hall to the grand open concept dining and great room ideal for hosting and entertaining. A centralized laundry room makes access easy from any room in the home. While a dedicated office is perfect for students and hybrid workers. A back covered patio perfect for taking in the surrounding Peoria mountains and Southwest landscape is the cherry on top! Located in the highly desirable Vistancia masterplan, resident will enjoy access to the 3.5 mile Discovery Trail, and two state of the art recreation centers.

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257 S 165th Avenue Goodyear, AZ 85338

Open House

$559,990

3 Beds

3 Baths

2,456 SqFt

Status Active

MLS # 6739809

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's the stunning Amethyst floor plan with 3 bedrooms, 3 baths. Extended covered patio with a 12x8 sliding glass door. 8'garage door with two controls. Sonoma Maple ''Slate-gray cabinets with 42'' kitchen uppers. Enhanced kitchen island with Himalaya white granite countertops and white undermount single bowl sink. Stainless steel 30'' cooktop with wall oven, micro and canopy hood. Upgraded flooring includes EMS Baccarat 12x24 Astra tile in all areas of the home except beds & closets. Dual sinks in bath 2, 8' tall interior doors. 8' tall garage door with two controls. Please verify all information with onsite agent. Thank you!

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29605 N 128th Lane Peoria, AZ 85383

$559,900

2 Beds

2 Baths

1,438 SqFt

Status Active

MLS # 6766232

Property Type Single Family Residence

Price Type --

Discover luxury & relaxation in this beautifully updated 2-bed, 2-bath home in the coveted active adult community of Trilogy at Vistancia. A welcoming courtyard greets you upon arrival and beckons you to enjoy the great outdoors in quiet solitude or in conversations with friends and family. Step inside and experience an inviting open-concept layout perfect for modern living, featuring tile flooring, expansive windows, and pre-wired surround sound for an immersive entertainment experience. The pristine kitchen is a chef's delight, equipped with SS appliances, pantry, RO system, granite countertops, stylish espresso cabinets with crown molding, a custom prep island with breakfast bar, & a beautiful tile backsplash. Recessed & pendant lighting provide warm ambience and well-lit spaces. The primary suite offers a peaceful retreat with new plush carpeting, plantation shutters, & an ensuite bathroom featuring dual sinks & a spacious walk-in closet. The additional bedroom with plantation shutters and new plush carpeting provides plenty of comfort and privacy for family or guests with an easily accessible guest bathroom. Spacious 2-car garage (extended by 4 additional feet) includes a workbench and easy access to tools and extra storage space. Notable upgrades include a new water heater and owned soft-water system ensuring efficient and reliable comfort year-round. The serene backyard oasis offers a relaxing spa, cozy fire pit, a covered patio featuring a mounted outdoor TV, ceiling fan, BBQ, and paver seating areas to experience the alluring landscape of citrus trees, turf, evening lighting and open surroundings. This home is a rare find. Don't miss the opportunity to experience this incredible property in Trilogy at Vistancia, a 55+ Active Adult Community in which Members enjoy friendly neighbors, access to the Mita and Kiva Clubs with community pools, fitness centers, sports courts, golf course, yoga, spa, and many additional activities and amenities.

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4422 W Adobe Drive Eloy, AZ 85131

$559,900

2 Beds

2.5 Baths

2,198 SqFt

Status Active

MLS # 6769583

Property Type Single Family Residence

Price Type --

This lovely home features upgraded kitchen appliances with 42'' cabinets, convection oven, under cabinet lighting, wall mounted hood and quartz counter tops. Flooring has wood-looking tile and upgraded carpeting in the bedrooms. The back patio is fully screened to create your Arizona room where you can relax and listen to the water feature in the back yard and look out on the desert common area behind this grand home. Come by today! Furniture is available for sale on separate invoice.

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16918 S 180th Drive Goodyear, AZ 85338

$559,900

2 Beds

2 Baths

1,696 SqFt

Status Active

MLS # 6778923

Property Type Single Family Residence

Price Type --

Discover your dream lifestyle in this stunning, open-concept Ballad floorplan, nestled within the vibrant, lake-inspired Active Adult community of CantaMia! Set on an oversized lot, this home is a true oasis designed for both relaxation and entertaining. The entrance invites you into an outdoor paradise with a sparkling pool, built-in BBQ, charming pergola, and panoramic mountain views that will take your breath away. Inside, the thoughtful layout features wood plank tile flooring throughout all high-traffic areas, while luxury laminate adds warmth and sophistication to the bedrooms and office spaces. The beautifully upgraded kitchen boasts sleek smokey grey maple cabinets, elegant tan quartz countertops, a stylish white subway tile backsplash, and a gas range, making it the perfect space to enjoy cooking and hosting. Additional highlights include built-in garage cabinets for ample storage, a convenient water softener, and a backyard with a view fence that offers both privacy and scenic views. Enjoy incredible sunsets over the mountains from the comfort of your own private retreat, with no neighbors directly behind as it backs to a lush, expansive green space. Living in CantaMia means embracing an active, connected lifestyle. This exceptional community offers endless amenities, from sparkling lakes to scenic walking trails, fitness facilities, and social events that foster a close-knit community spirit. Don't miss the chance to live your best life in a home that combines luxury, comfort, and all the perks of the Arizona lifestyle!

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22625 W Kimberly Drive Buckeye, AZ 85326

$559,900

4 Beds

2.5 Baths

3,689 SqFt

Status Active

MLS # 6780364

Property Type Single Family Residence

Price Type --

Two-story property on a highly desirable corner lot! The 3-car garage w/extended driveway allows you to bring all your toys, cars, and trucks. PLUS. Garage has an electric charging station!!! Enjoy your morning coffee on the welcoming porch. Delightful interior greets you with a main level boasting carpeted living room, formal dining, custom paint finishes, tile flooring in the right areas, pre-wired surround sound in the family room, powder room, and double-door den/office. The kitchen has tile counters, center island, SS appliances, wood cabinets, and walk-in pantry. Upstairs bedrooms, soft carpet throughout, and large loft. The oversized main suite features plenty of space for all your furniture, walk-in closet and bathroom has dual sinks. Spacious backyard, Pool, covered patio.

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720 E Chilton Drive Tempe, AZ 85283

$559,900

4 Beds

2 Baths

2,079 SqFt

Status Active

MLS # 6779679

Property Type Single Family Residence

Price Type --

Lovely 4 BR 2 Bath POOL + SPA + 2 CG! New Roof 2024. Located in Tempe (w/ no HOA). featuring amazing characteristics! This home sits nestled on a lot with a slight incline in the front yard creating a pleasing aesthetic to the curb appeal. An atrium perfect for plant lovers leads to the double door entry that opens to a sunk-in formal living area w/ vaulted ceilings accented by abundant natural lighting. The kitchen is complete w/ wood cabinets & opens to a spacious living & dining area complete w/ a wood burning fireplace. The main bedroom offers a bathroom w/ dual sinks & a walk-in closet. The backyard is ideal for entertaining w/ a large covered patio, sparkling pool w/ waterfall & an inground spa.

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2214 N 28th Street Phoenix, AZ 85008

$559,900

3 Beds

2 Baths

1,605 SqFt

Status Active

MLS # 6782638

Property Type Single Family Residence

Price Type --

Come take a look at this 3 Bedroom 2 bath single level home home in Great central Phoenix. Enter into a spacious family room with tile floors wall to wall throughout the entire house. The open kitchen provides plenty of counter space on beautiful granite counters and a breakfast bar attached to the large living room. Both front and backyards are low maintenance, and have the opportunity for your green thumb to transform them. Come check your future home quickly before it's gone.

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4354 E Rosemonte Drive Phoenix, AZ 85050

$559,900

3 Beds

2.5 Baths

1,751 SqFt

Status Active

MLS # 6784284

Property Type Single Family Residence

Price Type --

Move-in ready and immaculate home in the gated Tatum Village community! Ideally located near the community pool and playground, this home offers a fantastic location just minutes from Mayo Hospital, Desert Ridge Marketplace, the redeveloped Paradise Valley Mall, Scottsdale attractions, and easy access to Loop 101 and HWY 51. This beautiful home offers modern design with 3 bedrooms, 2.5 bathrooms, and a 2-car garage. Newer HVAC 2022, Newer Fridge 2022, Newly installed RO & Garbage Disposal 2023.

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7136 W Noble Prairie Way Florence, AZ 85132

$559,900

3 Beds

2.5 Baths

2,461 SqFt

Status Active Under Contract

MLS # 6763419

Property Type Single Family Residence

Price Type --

STUNNING ENDEAVOR w/LUXURY UPGRADES! This 3-bed+den/2.5-bath home offers a perfect blend of style & function! Double slider opens to extended paver patio w/gas fireplace & lush landscaping next to Open Space! Plantation shutters,10' ceilings w/curved arches, beautiful entertainment center w/surround sound highlight the Great Room! Chef's kitchen inc. granite counters, tiled backsplash, stainless appliances, gas cooktop, butler's pantry & walk-in pantry. Primary suite has a bowed window, double vanities & makeup vanity, walk-in custom tiled shower & spacious closet. Split 2nd & 3rd bedrooms share Jack-&-Jill bath, Den w/French doors offers versatility! Additional perks: 2-CAR w/4' EXTENSION+CART garage w/storage, PREPAID SOLAR lease & TOWN OF FLORENCE BOND PAID IN FULL! **A MUST SEE HOME!

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600 N Mariposa Drive Wickenburg, AZ 85390

$559,900

4 Beds

2 Baths

1,902 SqFt

Status Active

MLS # 6717080

Property Type Single Family Residence

Price Type --

Welcome to your new Territorial home! This remodeled home, located on ~2/3 acre corner lot offers a blend of Southwestern charm and modern convenience. Living room with panoramic views of Bradshaw Mtns to the north. Large living spaces bathed in natural light designed for both relaxation and entertainment. Beautiful and practical upgrades include custom travertine tile floors, custom (real) granite countertops, custom cabinets and totally remodeled master bath with Rohl fixtures. Kitchen boasts matching Frigidaire Gallery stainless steel appliances. For outdoor enthusiasts an RV shelter with water and electric hookups provides an ideal space to park your home on wheels or, if you prefer, your boat, motorcycles and/or ATVs. New window coverings include top of the line Hunter Douglas motorized blind, top down-bottom up front picture window shade and no-cord shades. Foam roof still under transferable warranty, new rain gutters with fun rain chains. Don't miss this opportunity to own a piece of old west Arizona! Relax in Wickenburg, the Most Western Town in Arizona, where it's easy to imagine yourself back in a slower paced time.

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20047 N 109th Drive Sun City, AZ 85373

New

$559,900

3 Beds

2 Baths

2,246 SqFt

Status Active

MLS # 6787401

Property Type Single Family Residence

Price Type --

ntroducing this beautiful home in the highly sought-after Ventana Lakes! This gem displays a 3-car garage and low-care landscape. Inside, you'll find tall vaulted ceilings complemented by tile flooring, dual pane windows, and mirrored walls in the living & dining room. Desirable great room offers a gas fireplace and sliding glass doors that connect seamlessly to the back patio, creating an easy flow for indoor-outdoor living. High-end SS appliances, abundant honey oak cabinets, a two-tier island with a breakfast bar, track lighting, newly installed India marble counters, and a breakfast nook complete this impeccable kitchen. Large romantic main retreat will impress you with a sunny bayed window sitting area, an ensuite with two vanities, and a walk-in closet. Don't miss the dedicated office space. Create lasting memories in the spacious backyard, featuring a screened-in patio, fire pit, and citrus tree. Act now!

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