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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10433 S 46th Way Phoenix, AZ 85044

New

$550,000

3 Beds

2 Baths

1,795 SqFt

Status Active

MLS # 6787232

Property Type Single Family Residence

Price Type --

Welcome to your Spanish-style dream home, just minutes from South Mountain trails! This single-level beauty features 3 bedrooms, an office/den, and no HOA—because who needs rules? The huge great room w/ a cozy fireplace is perfect for Netflix (or Netflix and wine). Vaulted ceilings make you feel like royalty, and large windows let in tons of natural light so your plants can live their best life too. The dining room has built-in cabinets that scream, ''I'm organized, but I still have room for a bottle of tequila.'' The kitchen has ample counter space, modern appliances & a breakfast nook to enjoy your morning coffee. The spacious primary suite includes dual vanities and a walk-in shower because who needs a spa when you've got a shower big enough to house your dreams. Outside, enjoy a enjoy low-maintenance and spacious lot where you can paint your door whatever you like - just remember it is best to make friends with your neighbors if you ever need borrow eggs or milk. Don't miss this opportunity. Grab your hiking boots and come see it today!

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4936 E Coronado Road Phoenix, AZ 85008

$550,000

3 Beds

2 Baths

1,821 SqFt

Status Active

MLS # 6784981

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 3-bedroom, 2- bathroom home! This property boasts a spacious front and backyard, complete with citrus trees and green plants, a 2-car garage, an RV gate, and a covered patio for outdoor enjoyment. Inside, you'll find tile flooring throughout, with a family room featuring laminate flooring perfect for entertaining guest. The freshly painted interior complements the kitchen's cream-colored cabinets, granite countertops, stainless steel appliances, and an island ideal for enjoying meals. Both bathrooms have been fully remodeled with modern tile backsplashes, glass doors, and sleek black faucets and shower heads, Conveniently located near freeway access, shopping centers, the Phoenix Zoo, and Papago Park, this home offers both comfort and accessibility.

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10709 E Knowles Avenue Mesa, AZ 85209

New

$550,000

3 Beds

3 Baths

2,161 SqFt

Status Active

MLS # 6787305

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated home, offering luxury and comfort at every turn. The spacious kitchen boasts sleek stainless steel appliances and elegant slab granite countertops, making it perfect for both cooking and entertaining. The expansive master suite provides a peaceful retreat with plenty of room to relax. Step outside to your private oasis featuring a sparkling pool. With a 3-car garage, there's ample space for vehicles, storage, or a workshop. This home combines style, space, and functionality—don't miss the chance to make it yours!

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2603 S Playa -- Mesa, AZ 85202

New

$550,000

5 Beds

2.5 Baths

2,823 SqFt

Status Active

MLS # 6786635

Property Type Single Family Residence

Price Type --

5 BR 2.5 BA single level home in prestigious Laguna Shores of Dobson Ranch. What a find at just under $195/sq ft. The possibilities are endless for a family or investor. From the moment you walk in, you will feel at home w/spacious rooms, a flexible floorplan, & the most private tranquil back yard. Enter thru the double door entry w/formal LR on the Lt & formal DR to the Rt. Down the hall is a half BA, 3 lg secondary BR's, a hall BA, & the primary BR. Primary BA has dual sinks & upgraded tile shower. KIT has been updated with SS appliances & flows into the FR w/wood burning FRPL, lg Bonus Rm & 5th BR (perfect for BR, office, or playroom). French doors lead to the backyard. This home has so many possibilities for any buyer's lifestyle. It is full of charm & warmth w/Saltillo tile floors & baths w/Capelo sinks from Guanajuato. Private backyard w/lush landscaping is ideal for entertaining friends & family. Large grass area w/patios, RV gate, newer A/C's, & roof resealed in 2024. Ample storage, walk-in KIT pantry, & inside laundry w/built-in cabinets. The home is a true bargain, located on one of the most desirable streets in Dobson Ranch. Lake access down the street for your boating adventures. Saratoga Park & Laguna Park around the corner. Dobson Ranch amenities include community pools, clubhouses, pickle ball, planned family activities, 8 lakes, public golf course & library, and easy access to #60 & #101 freeways. This home won't last!

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2673 W Ivanhoe Street Chandler, AZ 85224

New

$550,000

3 Beds

2 Baths

1,794 SqFt

Status Active

MLS # 6786111

Property Type Single Family Residence

Price Type --

Prime Location! Close to the 101 & 202, walking distance to Whole Foods, restaurants/shopping. Beautiful home in a lake community w/3 beds, 2 baths, newer AC & water heater, mature landscape & a 2-car garage w/cabinetry. Discover the large living & dining room and the separate family room with a media niche. Vaulted ceilings add to the airy feel, complemented by custom paint & tile flooring t/out for easy maintenance. The kitchen boasts built-in appliances, recessed lighting, a pantry, and ample wood cabinetry. Enter the main bedroom to find a walk-in closet and an ensuite with dual sinks. The Arizona room, with multi-sliding doors merging the inside/outside activities. Two open patios & a citrus tree complete the large backyard. Located in the heart of Chandler - easy access to the Valle

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14916 W Piccadilly Road Goodyear, AZ 85395

$550,000

3 Beds

2 Baths

2,962 SqFt

Status Active

MLS # 6622880

Property Type Single Family Residence

Price Type --

$60,000 BELOW RECENT COMP. see MLS#6608783 Welcome to luxury living of Goodyear, nestled within the prestigious guard-gated community of PebbleCreek! As you enter, you're greeted with soaring ceilings in the grand foyer. The Cambria plan revolves around a spacious great room with vaulted ceilings, bar area, chef's kitchen with granite counters, large breakfast area flowing seamlessly to the outdoors. The primary suite is accompanied by a relaxing sitting room, walk-in shower, make-up with a dual sink vanity. This home is ready for your touch! Lastly, step out back to a covered patio and a professionally landscaped low maintenance backyard. The community offers golfing, restaurants, social clubs, fitness center, indoor/outdoor pools, tennis, trails and so much more!

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15213 N Cameo Drive Sun City, AZ 85351

$550,000

3 Beds

3 Baths

2,800 SqFt

Status Active

MLS # 6682424

Property Type Single Family Residence

Price Type --

SHORT SALE OPPORTUNITY- Welcome to your dream home nestled in the desirable community of Sun City! This stunning property at 15213 N Cameo Dr offers the perfect blend of elegance and relaxation with its prime location overlooking the golf course and serene lake views. Boasting 3 bedrooms and 3 bathrooms, this premium lot home features a spacious layout designed for comfortable living. Step inside to discover a light-filled living space with picturesque views of the lush greenery and tranquil waters. The kitchen is a chef's delight, equipped with modern appliances and ample counter space. Retreat to the master suite, complete with a private en-suite bath and scenic vistas. Enjoy Arizona's outdoor living at its finest in the expansive backyard oasis, where you can soak in the breathtaking sunsets from your Arizona Room/ patio. With its proximity to shopping, dining, and recreation, this home offers the ultimate lifestyle experience. Don't miss your chance to own this piece of paradise - schedule your showing today!'

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9345 W Pasadena Avenue Glendale, AZ 85305

$550,000

4 Beds

3 Baths

3,136 SqFt

Status Active

MLS # 6690752

Property Type Single Family Residence

Price Type --

PRICE REDUCTION ....This stunning two-story property exudes charm and elegance from the moment you arrive! You'll be greeted by a meticulously manicured front yard and pull into the spacious two-car garage with extension for a 3rd car.Upstairs you will fine the large master suite featuring a bonus room can be a living room or baby room. Also has a large family room.Spacious gourmet kitchen with island, granite countertops and a large pantry. The property is in a fantastic location near restaurants, shopping, and easy access to the freeway. This is a formal model home with lots of upgrades.SELLER IS MOTIVATED.

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36843 W Indian School Road Tonopah, AZ 85354

$550,000

4 Beds

2.5 Baths

2,969 SqFt

Status Active

MLS # 6694104

Property Type Single Family Residence

Price Type --

Wow, fantastic opportunity to own a residence with 2,969 SqFt of construction on a 1.1-acre lot! The impeccable interior boasts a warm palette, neutral tile flooring, recessed lighting, tall ceilings, and a sizable den ideal for an office or a formal living room. The bright & ample great room promotes a greater traffic flow & maximizes space. This open floor design makes entertaining a bliss! The kitchen features white shaker cabinetry, granite countertops, stainless steel appliances, a pantry, and an island with a breakfast bar. The primary bedroom has a full ensuite with a step-in shower, a jetted tub, a dual sink vanity, and a walk-in closet. The vast exterior offers endless landscaping potential to get creative, with room for RVs, a pool, & space for horses to roam. Take a tour today!

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7604 W Molly Drive Peoria, AZ 85383

$550,000

3 Beds

2 Baths

1,882 SqFt

Status Active

MLS # 6708257

Property Type Single Family Residence

Price Type --

Beautiful home in the gated community of Rock Springs featuring 3 Bedrooms/Den/2 Bathrooms and Pool! Don't miss this opportunity to purchase this low maintenance, upgraded, modern gem. Located on a corner lot, North/South facing, extended driveway are all exterior bonus features. The interior showcases an open-concept Great Room, modern kitchen with spacious island for entertaining, and recessed entertainment wall. The den or flex-room is located off of the Great Room and the two other bedrooms are split from the Master Bedroom. The upgraded garage has storage cabinets, overhead storage, and space for refrigerator. Energy efficiency and low utilities are other features of this well built home.

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17780 W Canto Bonito Lane Surprise, AZ 85387

$550,000

2 Beds

2 Baths

2,019 SqFt

Status Active

MLS # 6721721

Property Type Single Family Residence

Price Type --

Your ideal home awaits in the vibrant 45+ community of The Grand. This meticulously maintained Sierra model blends luxury and functionality. Updated in 2019, it features laminate plank flooring and tile in the bathrooms and laundry. The kitchen offers granite countertops, a glass backsplash, a center island, Maytag SS appliances, recessed lighting, and bay windows overlooking the courtyard. The oversized primary bedroom boasts bay windows, a walk-in closet, and a tiled shower with a frameless glass door. Enjoy a split guest bedroom, spacious den, new 2024 HVAC, and North/South exposure. Relax in your private courtyard and explore all The Grand has to offer!

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1108 E Carter Drive Tempe, AZ 85282

$550,000

3 Beds

2 Baths

1,396 SqFt

Status Active

MLS # 6716917

Property Type Single Family Residence

Price Type --

Heated saltwater pool and spa in Tempe! Wood burning fireplace. No HOA. Storage closet in garage. Listing Broker has vested interest in home.

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