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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$568,999

3 Beds

2 Baths

1,963 SqFt

Status Active

MLS # 6752617

Property Type Single Family Residence

Price Type --

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$568,998

2 Beds

2 Baths

1,340 SqFt

Status Active

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11938 W Parkway Lane Avondale, AZ 85323

$568,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6759753

Property Type Single Family Residence

Price Type --

Explore this dynamic Townsend home, ready for quick move-in! Included features: a covered front porch; a quiet study and convenient powder room off the entry; an expansive great room with center-meet patio doors; a gourmet kitchen showcasing 42'' cabinets, quartz countertops, stainless-steel appliances, a large island, a walk-in pantry and an adjacent nook; a formal dining room; an eye-catching primary suite offering additional windows, a walk-in closet and a private bath with double sinks; two secondary bedrooms; a shared hall bath; a convenient laundry and a welcoming covered patio. This home also boasts dramatic 10' ceilings, a tray ceiling at the entry, wood laminate flooring, cultured marble bath countertops, front yard landscaping and concrete pavers at the driveway and walkway.

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19026 W Stella Avenue Waddell, AZ 85355

$568,990

4 Beds

2.5 Baths

2,399 SqFt

Status Active

MLS # 6745705

Property Type Single Family Residence

Price Type --

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3131 N Central Avenue Unit 3016 Phoenix, AZ 85012

$568,933

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6596296

Property Type Apartment

Price Type --

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$568,500

4 Beds

3 Baths

2,021 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

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2522 N 11th Street Phoenix, AZ 85006

$568,495

3 Beds

2 Baths

1,111 SqFt

Status Active

MLS # 6742322

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS!!! Negotiable 2/1 buy down! Discover your dream home in the Coronado Historical District. This newly renovated gem features new windows, flooring, and tile throughout. The stunning kitchen boasts custom Euro-style cabinetry, quartz countertops, and new stainless steel appliances. Enjoy updated bathrooms and an enclosed laundry room with cabinetry and a built-in seating area, perfect for an artist studio or more. Open French doors for seamless indoor-outdoor entertaining in the courtyard. The home also offers a brand-new roof with a 10-year warranty, a new hot water heater, turf grass, and front-yard irrigation. Located on a quiet street, yet close to downtown, Roosevelt Row, and Phoenix Country Club. Modern comfort meets historic charm!

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8728 W Medlock Drive Glendale, AZ 85305

$568,000

3 Beds

3 Baths

1,970 SqFt

Status Active

MLS # 6750288

Property Type Single Family Residence

Price Type --

MLS#6750288 Ready Now! The Sapphire in Stonehaven Encore was thoughtfully designed, offering 3 bedrooms, 3 baths and study. A spacious kitchen with a large island opens to the gathering room and dining area, perfect for staying connected with family or entertaining friends! A private bedroom is near the foyer - ideal for overnight guests. Primary suite is privately located in back of the home with dual sinks, large shower and walk in closet. Structural options include: 10' x 8' sliding glass door, study in lieu of bath 4, super shower at primary suite, and soft water loop.

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$568,000

4 Beds

3 Baths

2,272 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

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4550 E Olney Avenue Gilbert, AZ 85234

$568,000

3 Beds

2 Baths

1,881 SqFt

Status Active

MLS # 6747316

Property Type Single Family Residence

Price Type --

I dare you to find something this clean! Immaculately maintained, this home offers exceptional privacy with no two-story neighbors on either side or behind, ensuring a secluded backyard. Inside, enjoy high-end features like plantation shutters throughout and luxurious quartz countertops in the kitchen—a must-see! In photos labeled front room currently being used as a sitting room could easily be formal dining, office or guest room as well. The property includes a spacious 3-car garage and gated extra parking, perfect for low-profile toys. Sellers have found their replacement home. Priced to sell quickly, this home won't last long! Agents please see the attached list of upgrades and repairs.

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$568,000

4 Beds

3 Baths

2,374 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

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$568,000

3 Beds

2 Baths

2,080 SqFt

Status Active

MLS # 6754931

Property Type Manufactured Home

Price Type --

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