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.

Whats 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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7471 E Sierra Vista Drive Scottsdale, AZ 85250

$2,490,000
3 Beds
3.5 Baths
3,206 SqFt
Status Active
MLS # 6785358
Property Type Single Family Residence
Price Type --
Welcome to the swanky sophistication of this guard gated Lincoln Place stunner. From the moment you walk through the front door you will fall in love with this jaw dropping contemporary masterpiece. Impeccably renovated over the past few years this home oozes personality. It's walkable to all of the best restaurants and retail that Scottsdale has to offer. Step through the impressive glass entry with sweeping views of the living room, dining room, family room, kitchen and media room/office. The layout is incredible with multiple living areas separated by a spectacular 440 bottle climate-controlled wall of wine which feels like art. The front living area has great views of the fabulous backyard and the covered patio with stunning gold chandelier, salt water pool and jacuzzi. The great room is an entertainer's delight with large dining and living areas, chef's kitchen including huge island with seating, stainless appliances, 2 beverage refrigerators, warming drawer, pot filler and gorgeous marble and quartz counters. The dreamy media room can also double as a home office with a wall of glass doors overlooking the living areas. The two guest bedrooms both with ensuite baths are split leaving the large master suite with loads of privacy. Incredible luxury master bath has sumptuous soaking tub, large his/her vanities and walk-in closet. $100k Crestron Smart Home system. A 3-car garage is the final bonus. Wow....and welcome home!!!

6147 E Alta Hacienda Drive Scottsdale, AZ 85251

$2,489,000
3 Beds
3.5 Baths
2,491 SqFt
Status Active
MLS # 6703124
Property Type Single Family Residence
Price Type --
THIS CONTEMPORARY HOME BUILT IN 2022 HAS IT ALL, STARTING WITH GREAT CURB APPEAL AND LOCATED IN THE LUXURY GATED SIGNATURE AT THE PHOENICIAN COMMUNITY WHICH IS CENTRALLY LOCATED IN THE CAMELBACK CORRIDOR AT THE SOUTHERN BASE OF CAMELBACK MOUNTAIN. ENTER THROUGH THE FOYER AND INTO THE SPACIOUS GREAT ROOM FLOOR PLAN THAT FEATURES AN OVERSIZED RETRACTABLE SLIDING GLASS DOOR LEADING TO THE COVERED PATIO AND BRINGING THE OUTSIDE IN, PROVIDING TONS OF NATURAL LIGHT INTO THE SPACE. THE CONTEMPORARY CHEF'S KITCHEN WITH A SLEEK AND MODERN DESIGN OPENS TO THE GREAT ROOM AND BOASTS DUAL TONE CABINETRY, QUARTZ COUNTERTOPS, DESIGNER TILE BACKSPLASH, STAINLESS STEEL APPLIANCES, DUAL OVENS, A GAS RANGE, AND A CABINET FACE REFRIGERATOR THAT PROVIDES A SEAMLESS, CLEAN LOOK. THE OVERSIZED WATERFALL CENTER ISLAND OFFERS PLENTY OF EAT-UP BAR SEATING, PERFECT FOR ENTERTAINING FRIENDS AND FAMILY. INDULGE IN THE OPULENCE OF LUXURIOUS WOOD AND TILE FLOORING GRACING EVERY CORNER, ENSURING EFFORTLESS MAINTENANCE. REVEL IN THE GRANDEUR OF HIGH CEILINGS AND THE SUBTLE ALLURE OF RECESSED LIGHTING THAT GRACEFULLY ILLUMINATES THE SPACE. THE MASTER SUITE FEATURES A SLIDING GLASS DOOR TO THE BACKYARD. THE SPA-LIKE MASTER BATH BOASTS DUAL FLOATING VANITIES, A SPACIOUS GLASS ENCLOSED WALK-IN SHOWER WITH A BENCH AND A LUXURIOUS DESIGNER SOAKING TUB, PERFECT FOR RELAXING AND UNWINDING. ADDITIONAL BEDROOMS ALL FEATURE WOOD FLOORING. THE SPACIOUS LAUNDRY ROOM OFFERS A FRONT-LOADING WASHER AND DRYER, AS WELL AS PLENTY OF BUILT-IN CABINETRY FOR AMPLE STORAGE ALONG WITH A CONVENIENT UTILITY SINK. OUTSIDE YOU'LL FIND A COVERED PATIO ADORNED WITH EXTENDED PAVERS, CREATING A FLAWLESS SPACE FOR AL FRESCO DINING AND RELAXATION. EASY CARE SYNTHETIC GRASS TIES INTO THE SPACE, CRAFTING A SERENE SETTING FOR YOUR ENJOYMENT. LOCATED JUST MINUTES AWAY FROM WORLD-CLASS SHOPPING, DINING AND RECREATION. COMMUNITY AMENITIES INCLUDE A PRIVATE POOL, WELL-APPOINTED FITNESS CENTER AND STYLISH OUTDOOR GATHERING SPACES.

11867 N 118th Street Scottsdale, AZ 85259

$2,485,000
5 Beds
5.5 Baths
4,350 SqFt
Status Active Under Contract
MLS # 6781789
Property Type Single Family Residence
Price Type --
EXECUTIVE SINGLE LEVEL HOME WITH IDEAL FLOOR PLAN & SPECTACULAR MOUNTAIN VIEWS. The Sellers impeccable eye for detail remodeling the home in 2022 combining elements of modernism with a touch of sophistication attracts the eye & excites the soul. The Primary wing includes a ensuite bedroom that is now an office with a private entrance, The spacious Primary bedroom has an updated spa bathroom. Opposite are 3 additional bedrooms with remodeled ensuite bathrooms for family members or to accomodate visitors. The Gourmet kitchen has been remodeled with top-of-the-line appliances & new countertops for a a sleek, modern feel. It opens to the family room & game room beyond. Expansive doors make indoor to outdoor living seamless. The exterior landscaping & hardscape have been completely redesigned with the addition of a built-in Traeger grill, outdoor refrigerator, there is a fire pit for chilly nights, forever green grass with breathtaking golf course & majestic McDowell mountain views perfect for family fun & entertaining. PLEASE NOTE THAT THE CHANDELIERS & SOUND BARS/FLAT SCREEN TVS & SONOS EQUIPMENT ARE NOT INCLUDED IN THE PURCHASE. In prestigious 24 Hour Guard Gated Ancala Country Club with true sense of community and a very active HOA making it easy to get to know your neighbors. Close to desirable Scottsdale & BASIS schools, hiking & biking trails, fine dining & shopping, the Mayo Clinic & easy access to Freeways. ANCALA COUNTRY CLUB MEMBERSHIP IS OPTIONAL. Ancala, a par-72 championship golf course was designed by Perry Dye. The remodeling was extensive including new high-quality hardwood flooring throughout the entire home for a cohesive, refined look. A new HVAC system has been installed, improving the home's energy efficiency & climate control. See The updated list in documents.

10905 E Oberlin Way Scottsdale, AZ 85262

$2,479,000
3 Beds
3.5 Baths
2,835 SqFt
Status Active
MLS # 6655766
Property Type Single Family Residence
Price Type --
Serene is brand new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects & Planners and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for both entertaining and everyday living. There are four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model C has a 2 car garage and alternate dining available only on lots 12 & 13. Price shown includes lot premiums and 25K pool and a 25k landscape allowance, Sub-Zero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale Serene..

5314 N 41st Place Phoenix, AZ 85018

$2,479,000
5 Beds
3 Baths
4,013 SqFt
Status Active
MLS # 6752736
Property Type Single Family Residence
Price Type --
The kitchen showcases a stunning view of Camelback Mountain & the Praying Monk. This beautifully renovated home features an open, entertaining plan with an inviting entry by way of a charming conversation patio. Spanning over 4,000 sq ft, enjoy 5BR/3BA, handsome library, LR, formal dining and great rm/family rm - complete with a breakfast bar & en suite eating area. The spacious split master suite occupies the entire south wing - 2 access doors to pool/patio areas - one right off the gym room. Resort-style backyard with a heated pool & spa, plus a freestanding 3-car garage equipped with a mini-split. Four private patios, one of which features an automated screen. There are surprises & vignettes everywhere. Please review the detailed list of features & improvements found in the docs tab.

28118 N 109th Way Scottsdale, AZ 85262

$2,475,000
3 Beds
3.5 Baths
2,875 SqFt
Status Active
MLS # 6655632
Property Type Single Family Residence
Price Type --
Serene is brand new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects & Planners and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for both entertaining and everyday living. There are four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model C has a 2 car garage and available only on lots 14, 15, 20 & 21. Base price shown includes lot premiums and 25K pool and a 25k landscape allowance, Sub-Zero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale Serene..

5000 N Camelback Ridge Road Unit 201 Scottsdale, AZ 85251

$2,475,000
2 Beds
2.5 Baths
1,847 SqFt
Status Active
MLS # 6782702
Property Type Apartment
Price Type --
Experience elevated living at Ascent at the Phoenician! This brand new luxury condominiums will be ready for occupancy before the end of this year. Nestled on Camelback Mountain, this exclusive home features a high end bulthaup kitchen, Wolf & Sub-Zero appliancesa, beautiful fireplace, window coverings, washer and dryer and Waterworks fixtures. Enjoy a spacious wrap-around patio with a built-in gas grill, perfect for entertaining. Luxurious touches include fantastic tile and stone along with hardwood flooring throughout. Located within a brand new guard-gated community and adjacent to the Phoenician Resort, Ascent has outstanding new community amenities. Don't miss this first chance to be among the new residents of the most desirable resort community in town.

23602 N 84th Place Scottsdale, AZ 85255

$2,475,000
6 Beds
5 Baths
4,874 SqFt
Status Active Under Contract
MLS # 6774258
Property Type Single Family Residence
Price Type --
Privacy & luxury in prime gated N Scottsdale Pinnacle Paradise. 1.7 acres, 4800+ sq ft, 6bd/5bth incl casita, paved circ. drive, pvt ctyd, 4 car cond. garage w tons of storage. Grand residence, meticulously cared for. Soaring ceilings, grt rm overlooks yard, pool, spa, & casita. Indoor/outdoor living at its finest. Cook's hub kitchen w/prep island, dbl ovens, lg pantry w/new wine cooler & pouring station. Bkfst nook overlooks expansive covered rear patio, htd pool and spa. Spacious fml dining, beamed vaulted ceilings, lots of windows overlook grounds. Wood plank flooring, travertine, 4 fireplaces. Secluded primary w/spa bath, soak tub, dual closets. Owned solar, little or no elec bill! New roof, fresh paint inside and exterior. This is indeed a rare find, near all N Scottsdale offers.

4322 E Libra Place Chandler, AZ 85249

$2,475,000
5 Beds
4.5 Baths
5,539 SqFt
Status Active
MLS # 6777241
Property Type Single Family Residence
Price Type --
New Custom Home in the gated community of Vasaro. Home is fully completed and move in ready! 5 large bedrooms, all with in suite bathroom access, separate office, formal dining, large bonus room with a barn door, expansive open great room/kitchen plan w/walk in pantry, custom cabinets, large 3 bowl sink, built-in stainless-steel appliances, 48''refrigerator, commercial style range & hood, tile & wood flooring, 10x16 disappearing wall of glass, this home boast 12' & 15' ceilings and a large 4 car garage, meet with our pool & landscaping contractor and design your own custom backyard oasis. Owner is an agent in arizona

11999 N 119th Street Scottsdale, AZ 85259

$2,475,000
4 Beds
4.5 Baths
5,059 SqFt
Status Active
MLS # 6733889
Property Type Single Family Residence
Price Type --
Welcome to the wonderful lifestyle of Ancala Country Club! This gorgeous property is an entertainer's dream! The inviting front courtyard with stone fireplace welcomes you into the expansive open concept great room with wet bar! A multi-slide door opens to the stunning infinity-edge swimming pool - perfect for indoor-outdoor entertaining. The kitchen is handsomely appointed with knotty alder cabinets, granite counter tops, 6 burner gas cooktop, double ovens, two dishwashers breakfast bar + breakfast nook. The grand formal dining room is where you'll have special celebrations! Private primary suite with tray ceilings, huge custom closet, bath with soaking tub and stone shower. Guests will enjoy the attached casita, or two additional ensuite guest rooms. The office/bonus room has charming front courtyard. The property boasts a total of 3 fireplaces. Step outside to the private low maintenance backyard oasis with pool, spa, expansive covered patios, built-in kitchen and faux grass. All this, and country club amenities, including manned guard gate, golf course, tennis courts, fitness room, kids park, club house and community pool (use of clubhouse, pools, tennis courts, fitness room, and golf course require club membership). WELCOME HOME!

2928 N 83rd Street Scottsdale, AZ 85251

$2,475,000
4 Beds
5 Baths
3,572 SqFt
Status Active
MLS # 6760146
Property Type Single Family Residence
Price Type --
Stunning ''New Construction'' in a fabulous location just minutes to the shops, restaurants & night life in Old Town Scottsdale! This contemporary masterpiece features 16 foot soaring ceilings, 19 seer, 5 ton, variable speed HVAC, huge sliding glass patio doors, skylights, 3 gas fireplaces, 3 car garage w/electric vehicle charging station, RV Gate & RV Parking, NO HOA, tankless hot water heater, pool w/heater & chilling functions, Wellness Room w/cold plunge, exterior built in BBQ, synthetic grass. Over a 1/4 acre lot, home is all on 1 level with over 3,500 sq ft of interior living space, 4 total bedrooms (2 master suites), 5 baths, separate den/office, wet bar, built in wine refrigerator, 48''gas cooktop (Monogram Appliances) & kitchen island. Wired and plumbed for optional Guest House!

1583 S 155th Street Gilbert, AZ 85296

$2,457,000
6 Beds
6.5 Baths
3,856 SqFt
Status Active
MLS # 6769989
Property Type Single Family Residence
Price Type --
Be Prepare to be amazed! Check out this newly Custom-built home w/ 6 beds, 6.5 bath now on the market! Stunning curb appeal, 4 garage spaces w/epoxy flooring & an attic, 170ft PVT Driveway and a RV gate. Discover spacious dining & living areas w/elegant wood-look flooring, high ceilings w/exposed wood beams & wood floors. upgraded ceilings fans, and neutral palette throughout. The gourmet kitchen is equipped w/Thermador Appliances the aspiring chef needs, white cabinetry w/crown molding, quartz counters, a farmhouse sink, and a prep island complete w/a breakfast bar. The primary bedroom showcases private outdoor access and a lavish ensuite w/dual vanity, Private access to a full Disability bedroom w/ full bath. Anderson windows & Trane A/C units. Large bonus room is ideal for an entertainment center or lounge area! Laundry room offers tons of additional cabinetry and a convenient utility sink. Lastly, the expansive backyard w/its extended covered patio, is a blank canvas w/more than enough space for a pool or guest house! This is the opportunity of a lifetime, don't let it slip by!

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