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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2423 E Pony Lane Gilbert, AZ 85295

$550,000

3 Beds

2 Baths

1,906 SqFt

Status Active

MLS # 6779360

Property Type Single Family Residence

Price Type --

Move in ready, clean, bright 3BR, 2BA with designer touches and extended 2 car garage. Large lot size with private bacyard. All new windows, security door, newer A/C and all appliances included. Newly updated bathrooms. Great location and close to shopping, highways, schools etc.

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1103 W Pebble Beach Drive Tempe, AZ 85282

$550,000

4 Beds

2 Baths

1,731 SqFt

Status Active

MLS # 6737458

Property Type Single Family Residence

Price Type --

Location, Location very good center location close to Arizona state university only 2-3 miles , easy access to major freeways and sky Harber airport. 4- bedroom high ceiling new flooring in all bedrooms. Freshly painted, perfect rental or family home large cozy back yard remodeled with brand new artificial Graas, low maintenance. short drive to mill Ave, Tempe town lake and Papago hiking and golfing. Night life restaurants shops Ets.

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41333 N Belfair Way Anthem, AZ 85086

$550,000

3 Beds

2 Baths

1,616 SqFt

Status Active

MLS # 6746580

Property Type Single Family Residence

Price Type --

If you are looking for a remodeled home for under the average list price in Anthem Country Club, stop right here, you have found it! With three bedrooms and two bathrooms, this home is perfect for a small family or a couple who needs room for visitors. The remodeled kitchen and bathroom, and the updated flooring ensure that the home is move-in ready. You will love the storage space in the kitchen, which includes a large pantry. The updated stainless-steel appliances, quartz countertops and natural light from both large and small windows give the kitchen and family room a fresh, bright, and cheery feel and look. This home is a private oasis within the spectacular community of Anthem Country Club which offers anything you could ask for in a Country Club setting. Two Club Houses with restaurants, two fitness centers, tennis, pickleball, bocce ball, two private heated pools and so much more. Come see for yourself, we are certain you will love it!

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5020 E Morning Star Drive Phoenix, AZ 85044

$550,000

3 Beds

2 Baths

1,878 SqFt

Status Active

MLS # 6760957

Property Type Single Family Residence

Price Type --

ENJOY LIVING IN AHWATUKEE'S ACTIVE ADULT COMMUNITY IN THIS COMPLETELY RENOVATED HOME. INVITING OPEN FLOOR PLAN WITH ABUNDANT UPDATES. EAT-IN KITCHEN FEATURES QUARTZ COUNTERTOPS, TILED BACKSPLASH, UPGRADED CABINETRY, GRANITE SINK, PANTRY & STAINLESS-STEEL APPLIANCES. GAS FIREPLACE IN FAMILY ROOM. MASTER SUITE BATHROOM INCLUDES GRANITE COUNTERTOP & WALK-IN SHOWER WITH GRAB BARS. WALK-IN CLOSETS IN SECONDARY BEDROOMS PLUS HALL BATH CONNECTS TO BEDROOM TWO. LAMINATE WOOD FLOORING THROUGHOUT WITH TILE IN THE BATHS. ADDITIONAL ELEMENTS OF REMODEL INCLUDE RECESSED LIGHTING, RAISED-PANEL 3-HINGE DOORS, CUSTOM BASEBOARDS/MOLDING, DUAL-PANE WINDOWS TANKLESS WATER HEATER, SOFT WATER SYSTEM WITH ENTIRE HOME WATER FILTRATION, FRONT & BACK ARTIFICIAL GRASS & COVERED PATIO WITH MISTING SYSTEM.

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3600 W Cobalt Court San Tan Valley, AZ 85144

$550,000

4 Beds

2.5 Baths

2,614 SqFt

Status Active

MLS # 6752633

Property Type Single Family Residence

Price Type --

Welcome to this exquisite 4-bedroom, 2.5-bath residence in The Preserve at San Tan! Discover an inviting great room with high ceilings, recessed lighting, a soothing palette, blinds, and stylish wood-look flooring. The delightful kitchen boasts quartz counters, ample white shaker cabinets, chic pendant lighting, a subway tile backsplash, stainless steel appliances, a walk-in pantry, and an island with a breakfast bar. You'll also find a versatile den, ideal for an office or study. Upstairs, the cozy loft offers additional living space. The serene main bedroom includes plush carpeting, an ensuite with dual sinks, and a walk-in closet. Venture outside to the backyard, featuring a covered patio for al fresco dining and ample space to create your dream oasis. The community also offers a dog park, pickleball court, community grills, outdoor theater/amphitheater, fire pits, walking/biking trails and SO MUCH MORE! Come see it today!

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44049 W Palo Nuez Street Maricopa, AZ 85138

$550,000

3 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6751432

Property Type Single Family Residence

Price Type --

Elegance, luxury, and practicality combine in this one-of-a-kind home. BEAUTIFUL HOME IN MARICOPA WITH A POOL AND RV GARAGE. The curb appeal is off the charts with a paved driveway, cozy courtyard, and LARGE 45' RV GARAGE. Spacious floor plan with open kitchen concept boasting beautiful granite countertops, oversized pantry, and huge island, all overlooking a great room and backyard. Large primary bedroom with roomy bathroom featuring dual vanities and walk-in shower, but it's the backyard that will capture your attention; mature backyard complete with lots of artificial grass for the little ones, oversized pergola, and REFRESHING SWIMMING POOL for those hot AZ afternoons or weekends with friends. Never pay for RV storage again; come by and look and make this beautiful home yours.

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1171 E Crestridge Drive Casa Grande, AZ 85122

$550,000

7 Beds

4 Baths

3,443 SqFt

Status Active

MLS # 6766760

Property Type Single Family Residence

Price Type --

This impressive 7-bedroom, 4-bath, 2-story home boasts 3,443 sqft of elegant living space, offering both beauty and functionality. The exterior is aesthetically appealing, while the interior feels cozy and bright, with dark wood cabinets and lighter wood-look tile contrasting beautifully with the cream-colored walls. The spacious primary bedroom, located downstairs, features a split layout and a walk-in closet. Additional bedrooms have walk-in closets, providing ample storage. The great room is perfect for gatherings, and the kitchen features a pantry, granite countertops, a kitchen island, and a breakfast bar. Step outside to the covered back patio and envision creating your own oasis in the low-maintenance yard, currently awaiting your personal touch. A 3-car garage completes this home!

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3730 W Memorial Drive Phoenix, AZ 85086

$550,000

5 Beds

3 Baths

2,168 SqFt

Status Active

MLS # 6754352

Property Type Single Family Residence

Price Type --

With understated elegance & the perfect 5 bdrm family home, this property is located in a very friendly neighborhood of the highly sought after Anthem community. This lovely abode is located within walking dist.to a very well maintained park & close to numerous shopping centers, boutiques, delicious dining along with all the wonderful amenities Anthem has to offer: workout facilities, tennis, pickleball, swimming, waterpark, walking paths and community parks. It boasts a very popular and attractive floor plan with open vaulted ceilings with 2 bdrms downstairs and 3 bdrms upstairs. The back yard is extremely private, relaxing, has a large patio area, a privacy wall and a very cozy fire pit with bench seating. Easy to maintain landscaping. Come & build your cherished family memories here!

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24098 N Wheat Road Florence, AZ 85132

$550,000

3 Beds

2.5 Baths

2,407 SqFt

Status Active

MLS # 6755862

Property Type Single Family Residence

Price Type --

This stunning residence features a rare, massive RV garage and RV gate! Step into the backyard oasis where a sparkling pebble-tec pool awaits, framed by a beautiful travertine deck and a spacious covered patio—ideal for relaxing and entertaining. Inside, the modern home boasts sleek stainless steel appliances, island with elegant granite countertops, and a convenient walk-in pantry. Enjoy the vibrant community amenities including a playground, basketball court, and green spaces—perfect for fun weekends! Hurry before this opportunity is gone!

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300 N Gila Springs Boulevard Unit 181 Chandler, AZ 85226

$550,000

4 Beds

2.5 Baths

1,937 SqFt

Status Active

MLS # 6761447

Property Type Townhouse

Price Type --

Enjoy Luxury living in this gated community. Beautiful contemporary condo that has never been lived in full time and it shows! Main level consists of a tandem garage, laundry, kitchen, dining room, family room, half bath and large patio. Second level has three nice sized bedrooms, full bath and loft area. Top floor is for the entire primary suite. Enjoy a large kitchen with stainless appliances, pantry and bar seating. The formal dining room and family room are right off the patio making it great for entertaining guests. The guest rooms on the second level are split with a bathroom in between and a loft area can be used for fitness equipment, office or quiet reading space. The primary level is a dream for condo living. The bedroom has a patio large enough for chairs and a table so you can enjoy sunrises and sunsets. Lots of storage for linens and towels that leads you to the ensuite with dual sinks, private toilet room and a massive walk in closet! This gated community has a pool, spa, basketball hoop, fenced in grass area with picnic table and ample open parking. This particular unit is on the end making you only share one wall with no one below or above you. The owners spared no expense with this unit when it came to upgrades! They literally upgraded every single option you could do! Sit on the all turf patio with cute market lights and enjoy a glass of wine while you marvel in the architecture of this community. Furniture available of separate bill of sale.

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4443 E Camino De Cafe -- Hereford, AZ 85615

$550,000

4 Beds

2 Baths

1,912 SqFt

Status Active

MLS # 6756980

Property Type Single Family Residence

Price Type --

Beautiful 4 bedroom, 2 bath home on .88 acres, surrounded by mountain and valley views. Home amenities include granite throughout, tile flooring throughout living spaces and in office, carpet in bedrooms. Spacious master bedroom, master bath includes soaking tub and spacious walk-in shower with rain glass. Large walk-in closet through bathroom. Kitchen includes all appliances. Each room installed with cable/internet, fiber throughout. Water softener attachment installed, gas grill attachment installed for future outdoor kitchen, and electrical outlet for jacuzzi spa. Ground mounted solar and garden shed included. Walled back yard with covered porch.

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2236 W Aston Drive Queen Creek, AZ 85144

$550,000

4 Beds

2.5 Baths

2,560 SqFt

Status Active

MLS # 6758921

Property Type Single Family Residence

Price Type --

Welcome to this beautiful well appointed home. This spacious 4 bedroom + den and 2.5 baths sit on a huge lot for outdoor entertaining. The huge kitchen has a massive island and a huge stainless built-in freezer fridge. The quartz countertops and white cabinets gives a sense of elegance which overlooks the huge great room. Plantation shutters are throughout the entire house with ceiling fans in every room. The garage is an over height 3 car tandem arrangement for that extra workshop area. There is an RV gate that leads to the backyard with sails covering the raised vegetable and flower beds. The backyard also has been pre-wired for a spa. Rainwater capture system located on the northeast corner of house and plastic storage box on west side of house does not convey with sale.

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