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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20063 N 98th Avenue Peoria, AZ 85382

$550,000

2 Beds

2 Baths

1,858 SqFt

Status Active

MLS # 6747446

Property Type Single Family Residence

Price Type --

UPDATED PRICE!!! RARE REMODELED HOME IN WESTBROOK VILLAGE! Beautifully designed 2-bedroom, 2-bathroom ranch-style home with 1,858 sq. ft. of living space. Owners spent over $165,000+ on the remodel (see documents tab for breakdown of costs). Step inside to a bright and open great-room living area featuring vaulted ceilings, gorgeous electric fireplace and luxury vinyl plank flooring. The elegant kitchen boasts a mixture of quartz slab counters on the perimeter & slate gray granite countertops on the island. These perfectly compliment the upgraded cabinets & SS Kitchen Aid appliance package purchased recently in 2023. There is also a huge breakfast room area just off the kitchen perfect for everyday meals. The primary bedroom is carpeted, providing a warm and comfortable retreat, and features its own bathroom with double sinks, a full bath, private toilet room, and a separate shower & tub, offering a touch of luxury and convenience. The secondary bathroom has been updated to a stylish 3/4 bath with a walk-in shower, remodeled in 2023. The laundry room may be one of the nicest rooms in the house as this was expanded and remodeled to provide plenty of countertop space, a sink, and cabinets to make laundry fun again! Step outside to the backyard, where you'll find a covered patio, desert landscaping, mature landscaping, synthetic grass, and a new irrigation system installed in 2023perfect for outdoor entertaining and convenience. This is a true LOCK & LEAVE HOUSE that also includes 2 garage spaces and is part of a vibrant community with countless amenities such as a biking/walking path, clubhouse/rec room, tennis courts, community media room, heated pool and spa, golf course, and workout facility. Don't miss your chance to own this move-in ready gem in a fantastic community!

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1431 E Wood Street Phoenix, AZ 85040

$550,000

5 Beds

4 Baths

2,136 SqFt

Status Active

MLS # 6738358

Property Type Single Family Residence

Price Type --

PRICED REDUCED TO SELL. Beautifully remodeled property with R-4 multi family residential zoning on HUGE 19,996 sq ft LOT - Endless Potential! Offering immense flexibility, this property is perfect for investors or developers looking to maximize their return, with the potential to build multiple units or houses. Modern upgrades and high- quality finishes throughout the main house. Don't miss this rare opportunity to own a versatile property with significant development potential here in Phoenix.

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2522 N 11th Street Phoenix, AZ 85006

$550,000

3 Beds

2 Baths

1,111 SqFt

Status Active

MLS # 6742322

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS!!! 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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14867 W Windsor Avenue Goodyear, AZ 85395

$550,000

4 Beds

3 Baths

3,098 SqFt

Status Active

MLS # 6744603

Property Type Single Family Residence

Price Type --

Get ready to fall in love with this spacious 4-bedroom home boasting 3 full baths, a versatile loft (easily convertible to a 5th bedroom), and a 3-car garage. Nestled in the beautiful Rio Paseo Community in Goodyear. This gem is right in the heart of an entertainment district, surrounded by fantastic restaurants, a theatre, shopping hotspots, walk/bike paths, waterfall pond, parks, and top-notch schools. Step inside to discover a formal living and dining area, a large open kitchen featuring a breakfast bar, granite countertops, and stainless steel appliances (including a refrigerator). Downstairs you'll find a convenient bedroom with a full bath. Home is complemented by stylish touches such as stone decor on the kitchen island, a single bowl kitchen sink, new blinds and laundry room with built-in cabinets. Upstairs, you'll be greeted by 3 generously sized bedrooms, including an expansive retreat with double doors, a remodeled ensuite with a separate soaker tub and a spacious walk-in shower, double sinks, and a large walk-in closet. The backyard offers a full-length covered patio, providing ample space for your creative vision. Not to mention, several upgrades have been made between 2022 and 2023, including partial roof replacement, new flooring, water heater, water softener, AC units, upgraded kitchen, and remodeled bathrooms. Conveniently located near the I-10 and Loop 303 Freeways. This home is move-in ready and waiting for you to make it your own!

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19314 S 208th Place Queen Creek, AZ 85142

$550,000

3 Beds

2.5 Baths

2,185 SqFt

Status Active

MLS # 6751638

Property Type Single Family Residence

Price Type --

New $11,000 PRICE IMPROVEMENT! Welcome to this beautiful & immaculate Gateway Quarter home. Attractive paver driveway, and charming covered front porch with perfect view of landscaped walking trails across the street. Inside a den/office could be 4th bedroom, and the very open great room & kitchen are perfect for Gatherings of loved ones. Recessed lighting, and durable tile flooring. Gorgeous kitchen w/ crown molding on cabinets, granite countertops, stainless steel appliances,gas cook top, a walk-in pantry, and an island with a breakfast bar for casual dining. The main bedroom offers soft carpeting, an en suite with dual sinks, and an enormous walk-in closet. Low maintenance backyard showcases a large covered patio, artificial turf, gravel and Perfect location, Just blocks away from Costco, Aldi, Target, so many restaurants, and a huge tranquil nursery to stroll through.

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501 W Jasper Drive Chandler, AZ 85225

$550,000

4 Beds

2 Baths

1,961 SqFt

Status Active

MLS # 6745933

Property Type Single Family Residence

Price Type --

***PRICED BELOW COMPS!*** Walk into instant equity in this unassuming gem in Chandler! Motivated Seller. NO HOA!! A great property with HUGE potential! This 4bdrm/2bth home on a large corner lot insulated in highly sought-after neighborhood of Thunderbird Estates in Northern Chandler. Down the street from Knox Gifted Academy (Ranked #1 AZ Public School) and Apache Park (Basketball, Tennis, Racquetball and playground). Home was remodeled in 2019 and included new roof and a/c. There is room for an addition or guest house in the backyard! The interior has all modern finishes. This home's exterior and landscaping is essentially a blank slate, just waiting for a new owner to make it their own! *Perfect for a light-flip or DIY homeowner! PROPERTY FEATURES: a LARGE, gated, pull-through RV pad.

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4565 S Merriman Way Gilbert, AZ 85297

$550,000

4 Beds

2 Baths

1,793 SqFt

Status Active

MLS # 6747135

Property Type Single Family Residence

Price Type --

Welcome to 4565 S Merriman Way, a beautifully maintained 4-bedroom, 2-bathroom home offering an inviting living space. The open-concept kitchen features modern appliances, a spacious island, and ample cabinetry. Relax in the elegant master suite with a walk-in closet and an en-suite bathroom. The highlight of this home is the entertainer's dream backyard, complete with an outdoor BBQ kitchen, gazebo, fridge, and sink. Enjoy community amenities such as playgrounds, walking paths and tennis courts. Conveniently located near shopping, schools and major highways.

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6504 W Behrend Drive Glendale, AZ 85308

$550,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6765381

Property Type Single Family Residence

Price Type --

Move in Ready! Spacious 4-bedroom, 2-bath home in desirable Arrowhead Subdivision. Features an open concept kitchen to great room, fresh interior paint, and a prime location in Glendale with easy access to the Loop 101. Ideal for comfortable living!

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30061 N 70th Drive Peoria, AZ 85383

$550,000

4 Beds

3 Baths

1,818 SqFt

Status Active

MLS # 6748482

Property Type Single Family Residence

Price Type --

Your DREAM home is here in Sonoran Mountain Ranch! Backing the mountain preserve, this beauty offers privacy & serene views. Providing 4 beds, 3 baths, 2-car garage, & a low-care landscape. Home exudes refined style, showcasing an open layout paired with a fireplace, designer paint, archways, & wood-look tile flooring in all the right places. The impressive kitchen boasts SS appliances, granite counters, a double-door pantry, two-tone cabinetry, tile backsplash, & a 2-tier island. The den can be an office or play area! Main bedroom has a double-door entry, outdoor access, and an ensuite w/dual sinks & a walk-in closet. If entertaining is on your mind, the backyard awaits you! With a covered patio, artificial turf, & refreshing pool, this space promises year-round enjoyment. Move-in ready!

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818 N 87th Street Scottsdale, AZ 85257

$550,000

3 Beds

2 Baths

1,628 SqFt

Status Active

MLS # 6761025

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION! Welcome to this spacious home, nestled in the heart of South Scottsdale, and ideal for someone looking for a home improvement project. With some modern updates, this home will easily return to its full potential. It has great bones and a fabulous layout with both a family room and a living room, spacious kitchen, and a pool that's serviced weekly behind a new wrought-iron fence and a newer variable speed pump and filter. New'ish SS appliances are staying, along with the W&D. An atrium off the family room is a perfect place for a flower garden or water feature. This is your opportunity to put your own touches and style on an affordable home in a prime location with a LOW HOA near the 101 and 202, and a 7 minute drive to both Old Town Scottsdale and ASU.

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18001 N 46th Drive Glendale, AZ 85308

$550,000

4 Beds

2.5 Baths

2,620 SqFt

Status Active

MLS # 6751622

Property Type Single Family Residence

Price Type --

Come see this beautiful 4bed / 2.5 bath home located in the Belair neighborhood on the golf course! Take in the beautiful scenery in your own private pool - You've gotta see this one!

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1036 E Sahuaro Drive Phoenix, AZ 85020

$550,000

3 Beds

2 Baths

1,735 SqFt

Status Active

MLS # 6760943

Property Type Single Family Residence

Price Type --

Welcome to the heart of Phoenix. This 3 bedroom 2 bath open floor plan is nestled in the desirable Pointe Tapatio community. Once inside you are greeted with a sunken seating area with a large fireplace. Gaze up to the vaulted ceilings with windows that provide ample natural light. The spotless kitchen has numerous cabinets for storage and a new marble backsplash to complement the granite counter tops. Double doors open to the master bedroom with a California walk in closet and dual sink vanity. Relax in the spectacular backyard with your private pool and covered patio. Multiple recent upgrades: paved front patio, front & back yard timed watering system with all new pipes and drips, new kitchen appliances, backsplash, extra plush carpet and MORE. DON'T MISS OUT ON THIS BEAUTIFUL HOME

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