What’s Ahead For Mortgage Rates This Week – January 17, 2017

Last week’s economic reports included readings on job openings, retail sales and consumer sentiment in addition to weekly reports on new jobless claims and Freddie Mac’s survey of mortgage rates.

Job Openings Hold Steady in November; Quits and Hires Increase

According to the Labor Department, job openings held steady with a reading of 5.50 million openings in November, which matched October’s reading. Hires and quits showed more activity, which analysts deemed a healthy sign for the economy. Workers typically hold on to their current jobs in times of economic uncertainty, while they may be more comfortable with changing jobs in a strong economy. Increased “churn” in terms of quits and hires suggests that workers are gaining confidence in economic conditions and are more willing to change jobs. There were 1.3 unemployed workers for each job opening, which was lower than October’s reading of 1.4 unemployed workers for each job opening.

Retail Sales Higher in December

Retail sales grew by 0.60 percent in December, although analysts had expected o.80 percent growth. November’s reading showed 0.20 percent growth. Retail sales not including the automotive sector grew by 0.20 percent. Analysts had expected a reading of 0.50 percent based on November’s reading of 0.30 percent growth. Year-end promotions and incentives offered by auto dealers likely contributed to December’s increase in retail sales.

Mortgage Rates, Jobless Claims Fall

Freddie Mac reported lower mortgage rates last week; the average rate for a 30-year fixed rate mortgage fell by eight basis points to 4.12 percent. 15-year fixed mortgage rates averaged seven basis points lower at 3.37 percent. Rates for 5/1 adjustable rate mortgages were 10 basis points lower at an average of 3.23 percent. Discount points averaged   0.50 percent for all three mortgage types.

New jobless claims were lower than expected last week with a reading of 247,000 new jobless claims. 258,000 new claims were expected based on the prior week’s reading of 237,000 new claims filed. New jobless claims were lower than 300,000 new claims for the 97^th consecutive week. The rise in new claims last week was attributed to delays in filing for benefits between Christmas and New Year holidays.

Consumer sentiment dipped in January to an index reading of 98.1 as compared to December’s reading of 98.2 and the expected reading of 98.8.

What‘s Ahead

This week’s scheduled economic releases include the National Association of Home Builders Housing Market Index. Commerce Department readings on housing starts and building permits will be released. Consumer Price Index readings are scheduled along with weekly reports on mortgage rates and new jobless claims.

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241 N Senate Street Chandler, AZ 85225

$545,000

3 Beds

2 Baths

1,788 SqFt

Status Active Under Contract

MLS # 6769053

Property Type Single Family Residence

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WELCOME HOME! Highly upgraded 3BR+ den home in the immaculate Santa Maria neighborhood. The gourmet kitchen features premium staggered cherry cabinets, granite slab countertops, stainless steel appliances and full-size pantry. The spacious great room includes a large dining area and recessed media alcove, perfect for entertainment. This home offers a desirable split-bedroom floorplan with wood floors, large closets, and spacious primary suite. The private backyard is fully pavered, complemented by low maintenance artificial turf. Located near award-winning schools, top-notch shopping, and excellent restaurants.

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$545,000

2 Beds

2 Baths

1,087 SqFt

Status Active

MLS # 6769103

Property Type Apartment

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Explore this 2-bedroom unit in the vibrant community of Inspire on Earll! Discover sleek wood-look floors and stylish light fixtures that create an inviting atmosphere. Great room offers direct access to a private balcony. The delightful kitchen features stainless steel appliances, recessed lighting, a pantry, a chic tile backsplash, and a center island with a breakfast bar for casual dining. Retreat to the main bedroom, where plush carpeting and an ensuite with dual sinks, a walk-in shower, and a generous walk-in closet promise comfort and convenience. Enjoy your morning coffee or unwind with your favorite beverage on the balcony, complete with an adjacent storage room. Take advantage of the community's amenities, including a pool, spa, and fitness center. Don't miss out on this gem!

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$545,000

2 Beds

2 Baths

1,563 SqFt

Status Active

MLS # 6769872

Property Type Single Family Residence

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Enjoy amazing unobstructed vistas of the golf course and Vulture Peak from your extended patio, pergola, fan and two relaxing water fountains. Over $90,000 of upgrades! $80,000 lot premium. Fantastic floor plan includes a separate OFFICE. Kitchen, upgraded granite, stainless Steel appliances. Dining Room has shiplap custom wall, custom bench, custom light fixture. Soothing hues, upgraded paint & flooring. Open concept design is perfect for entertaining from the kitchen, living room to the outdoor patio. Main bathroom has double sinks, heavy glass shower and upgraded tile & Genta faucets and sliding patio door to enjoy the views. R/O system . Epoxy garage floor. Perfect Lock and Leave awaits you! Don't settle for mediocre! Live the time of your life! Golf, Pickelball, hikin

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3427 E Campo Bello Drive Phoenix, AZ 85032

$545,000

4 Beds

2 Baths

1,690 SqFt

Status Active

MLS # 6770299

Property Type Single Family Residence

Price Type --

Welcome to this charming 4-bedroom, 2-bath residence now available on the market in central Phoenix! No HOA! Inside, you'll find a delightful great room with high ceilings, a soothing palette, and stylish wood-look flooring. The gourmet kitchen boasts granite counters, abundant white shaker cabinets with crown moulding, recessed lighting, a tile backsplash, stainless steel appliances, and a center island with a breakfast bar for casual meals. The cozy main bedroom offers an ensuite with double sinks, direct backyard access, and a convenient walk-in closet. Enjoy relaxing outdoors in the enchanting backyard, complete with a covered patio for al fresco dining, pristine artificial turf, and a refreshing pool for cooling down on hot summer days. Make it yours now! Must See!

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