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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287 N Scott Drive Chandler, AZ 85225

$565,000

4 Beds

3 Baths

2,575 SqFt

Status Active

MLS # 6768264

Property Type Single Family Residence

Price Type --

If you are in search of a residence that combines effortless maintenance with an exceptional location, then this property is for you. Nestled conveniently just 3 miles from downtown Gilbert, 3 miles from downtown Chandler, and a mere mile and a half from the 202 freeway, this home offers unparalleled accessibility. Boasting four bedrooms, a loft, and three full bathrooms. Notably, one of the secondary bedrooms is conveniently situated on the first floor, accompanied by a full bathroom for added convenience. This residence has an inviting open floor plan, with soaring 9-foot ceilings, and ample closet space throughout. The kitchen is adorned with stainless steel appliances, granite countertops, and exquisite tile accents that lend a touch of elegance to the space. The primary suite stands out with its generously proportioned room, complete with double sinks, an over sized shower, and an expansive walk-in closet, ensuring a luxurious daily retreat. Moreover, the community offers an array of amenities, including a refreshing pool, picturesque parks, and access to top-tier schools. This residence is truly a gem that should not be overlooked. We invite you to seize this exceptional opportunity and make this house your cherished home.

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6688 S Cartier Drive Gilbert, AZ 85298

$565,000

3 Beds

2 Baths

1,665 SqFt

Status Active

MLS # 6766756

Property Type Single Family Residence

Price Type --

This absolutely stunning home resides in the highly desirable community of Seville. Single level with 3 bedrooms/2 bathrooms plus office space. Located in a gated community, NS facing, corner lot with an amazing view of the golf course and San Tan Mountains. Kitchen has stainless steel appliances with granite counter tops. HVAC recently replaced and all new windows installed. Sprinkler system replaced and landscaping updated. Plantation shutters throughout. No carpet. Country club membership is available for golfing, pool, restaurant, tennis/pickle ball courts. Home is located in the award winning Chandler school district. Lots of dining and shopping nearby.

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4808 N 24th Street Unit 828 Phoenix, AZ 85016

$565,000

2 Beds

2 Baths

1,249 SqFt

Status Active

MLS # 6745724

Property Type Apartment

Price Type --

Magnificent South and SW facing corner residence. Enjoy mountain, city and garden terrace views from every room. One of the most popular floor plans in the building! Features include; upgraded wood vinyl flooring throughout, designer paint and accent lighting as well as a split bedroom floor plan for maximum privacy. Master offers ensuite bath, walk in closet and downtown views. Guest bedroom includes walk in closet and sitting/den area. Kitchen has beautiful, upgraded granite counters, bar seating, stainless steel appliances and stylish backsplash. A spacious living area leads to an outdoor covered balcony with garden planters. Perfect for enjoying nightly Phoenix sunsets. TWO prime side by side parking spaces and storage.

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7710 E Gainey Ranch Road Unit 206 Scottsdale, AZ 85258

$565,000

2 Beds

2 Baths

954 SqFt

Status Active

MLS # 6755867

Property Type Townhouse

Price Type --

* Highly Desired unit in The Courts at Gainey Ranch; Exclusive Guard-gated Community in Heart of Scottsdale * Sunset & Mountain Views from Great Room Picture Window & Balconies; Open Layout is Light & Bright Featuring Updated Kitchen, Baths, Lighting/Fans, Custom Shades, Security/Screen Doors, Trex-style Deck off Great Room, Fireplace, Large Laundry Room with Full Sized Washer/Dryer, Private Garage with Storage, Private Balconies * Amenities include Tennis, Pickleball, Renovated Estate Club w/ State of the art Fitness Center, Rec/Entertainment, Indoor/Outdoor Bar, Olympic-sized Heated Pool & Spa; Tree-lined Paths & Park, Additional Private Courts Community Heated Pool & Spa steps away * 24/7 Security, Perfect for your Lock & Leave Lifestyle * HOA covers almost everything * Don't miss it!

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1936 Windsor Drive Sierra Vista, AZ 85635

$565,000

4 Beds

4 Baths

5,237 SqFt

Status Active Under Contract

MLS # 6690758

Property Type Single Family Residence

Price Type --

ASSUMABLE LOAN with a 3.875% interest rate. Step inside this 4 bedroom, 4 bathroom home you'll be greeted by an open floor plan. Filled with natural light, thanks to large windows that overlook the beautiful backyard. The kitchen features high-end appliances, ample counter space, and breakfast bar. This home offers luxurious amenities starting with the Venice pool as the centerpiece of the backyard inviting you to take a refreshing dip on hot summer days. Along with a built in BBQ. Looking for relaxation? you'll love the indoor spa area but that's not all! This home also boasts a sauna room, where you can rejuvenate after a long day. It's like having your own personal spa right at home. With its spacious bedrooms, wet bar, this home truly offers the perfect blend of style and comfort.

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10629 N 9th Street Phoenix, AZ 85020

$565,000

3 Beds

2 Baths

1,608 SqFt

Status Active Under Contract

MLS # 6726836

Property Type Single Family Residence

Price Type --

''Welcome to Pointe Tapatio: A One-of-a-Kind Oasis in the Valley! This exceptional home & community offers a lifestyle you've always dreamed of. From the moment you step inside you'll feel ''This is IT''! Two skylights & newer dual pane windows provides an abundance of natural light. Plantation shutters throughout. This well-loved home's quality to all features & impeccable care is undeniable. The spacious kitchen layout provides room to cook up a feast. Great amount of counter space, quality appliances, large window above farmer's sink, crystal style light fixtures, pantry, newer cabinets completes it. Full elegancy & remodeled baths with quality taste in 2023. This home is polished to the nines! The layout of the home offers a bonus area which can be used for a game table. Breakfast room is large enough to place a 12 seating dining table. Live in Paradise in this lush low maintenace backyard! Sparkling 6' deep salt pool with five tranquil water features, which was remodeled in 2023. large built in planter, and flagstone deck. With an East facing serene backyard you'll enjoy dining out by the pool or an evening swim, mornings are perfect! The HOA includes 3 streaming channels, cable, water, 4 Pools, 2 Spas, club house, care to common areas, washes, street maintenance. Choose your daily walk challenges within the Community, flat or hilly. See map of nearby hiking trails in photos. Easy access to many great restaurants, shopping & just 20 minutes or less to the airport, downtown, Scottsdale and the Biltmore area. Many nearby amenities, great restaurants & shopping.

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4551 W Geronimo Street Chandler, AZ 85226

$565,000

4 Beds

2 Baths

1,988 SqFt

Status Active Under Contract

MLS # 6727637

Property Type Single Family Residence

Price Type --

Prime location! Pool! Owned solar & pool solar! No HOA! Conveniently located in the highly sought after 85226 zip code of Chandler, you are sure to love this gem! Upon arrival you are greeted by beautiful desert landscaping & a 3 car garage for all your storage needs. Inside you will find vaulted ceilings, a neutral palette, & a cozy fireplace. The kitchen includes granite counters, recessed lighting, SS appliances, a pantry, & an island W/ breakfast bar. 1 of the 4 bedrooms is an optional den with french doors, a built-in desk, & spacious closet. The main bedroom offers direct backyard access, an ensuite with dual sinks, & a walk-in closet. The backyard is your own private refreshing oasis complete w/ large covered patio, spa, & sparkling pool w/ recently updated pool equipment.

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4501 N 17th Drive Phoenix, AZ 85015

$565,000

4 Beds

3 Baths

1,627 SqFt

Status Active Under Contract

MLS # 6763643

Property Type Single Family Residence

Price Type --

Completely re-built in 2024. Everything is new, new plumbing above and below ground, all new electrical system (panel, wiring, everything), new roof, new roof framing, this home was rebuilt and customized in every way! Everything was done by a licensed contractor and with permits. Cul-de-sac lot that is just minutes away from the Midtown and Uptown neighborhoods! Wider hallways, 3 bathrooms, huge front patio perfect for morning coffee. Private rear sitting area right off of the newly added master suite. Inside laundry, lots of storage, oversized garage, an RV gate, separate master suite access if needed perfect for multi-generational households. Brand new A/C system, spray foam insulation too many upgrades to list!

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11995 E Pivot Peak -- Gold Canyon, AZ 85118

$565,000

3 Beds

2.5 Baths

2,230 SqFt

Status Active

MLS # 6699719

Property Type Single Family Residence

Price Type --

3 car tandem garage w/ 8' door & lots of storage! 3 bed 2.5 bath energy efficient house in Master-planned community of Peralta in Gold Canyon. Immaculate w/ countless upgrades! Chef's kitchen features gas cooktop, maple cabinets w/ double roll-out shelves & soft-close drawers, granite counters, pendant lights & walk-in pantry. Every bedroom has walk-in closets w/ extra shelves. Upgrades include: 36'' vanities, fixtures, ceiling fans, tile throughout, extra storage area, dedicated laundry room, extended covered patio & more! Low maintenance yard w/ storage shed. Community parks, pickleball & basketball courts, covered picnic area w/ grill, corn hole, horseshoes, fire pits under twinkle lights, walking trails, children's play area. Peralta Trails Elementary School is in the community.

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11 E Irene Street Pearce, AZ 85625

$565,000

3 Beds

2 Baths

2,384 SqFt

Status Active

MLS # 6743046

Property Type Single Family Residence

Price Type --

Approaching this beautiful, well maintained, Santa Fe style home sitting on 2.4 acres with fabulous views of the Dragoon Mountains, the first thing you will see are 18 pistachio tree. Entering the home you see a large great room from which you can walk out onto the covered patio with views of the Chiricahua Mountains. The large kitchen comes with granite countertops and an abundance of cabinet space. Step down into the main dining room featuring gorgeous Texas mesquite hardwood floors. The large main bedroom has an attached bath with walk in shower. This horse property includes a 48'x36' barn with 4 stalls, bathroom w/ shower and an additional 48'x12' of covered hay storage. The horse pasture is surrounded by electric fencing. Add to this a greenhouse with irrigation of sprinklers.

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8844 E Charter Oak Drive Scottsdale, AZ 85260

$565,000

2 Beds

2 Baths

1,557 SqFt

Status Active

MLS # 6749595

Property Type Single Family Residence

Price Type --

The search for your new home ends here! Located in the highly sought after Pima Vista neighborhood of Scottsdale is a 2 bedroom + separate office, 2 bath, 1,557 sqft home that is priced to sell, ready for you to make it your own. The Kitchen has stainless steel appliances, living room features a charming wood burning fireplace, primary suite has a jacuzzi tub, and backyard has a covered patio with tall oleander bushes, making is feel more private. Neighborhood offers paths, greenbelts, tennis courts and a community pool. A+Schools! Don't hesitate. Put in an offer TODAY!

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22443 E Munoz Street Queen Creek, AZ 85142

$565,000

3 Beds

2 Baths

2,301 SqFt

Status Active

MLS # 6731713

Property Type Single Family Residence

Price Type --

Welcome Home! Situated in the coveted Meridian neighborhood this property comes highly upgraded and professionally designed. Stunning laminate flooring throughout, marble kitchen backsplash, oversized island and new carpet freshly installed. All upgraded pendants and dining lighting is included, also pre-wired for surround sound. This is a 3 bedroom plus spacious office/playroom and 2 bath home. Front and back yard are connected to an automatic watering system for easy maintenance. Post tension slab included along with tankless water heater. Meridian offers lots of green spaces, parks and a luxury community pool.

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