What’s Ahead For Mortgage Rates This Week – January 9, 2017

2017 started with good news; fixed mortgage rates were lower, but the national unemployment rate ticked upward and labor reports showed fewer openings for public and private sector jobs. Construction spending was higher in November.

Mortgage Rates Lower; Construction Spending Higher

Freddie Mac reported lower average rates for fixed rate mortgages as the average rate for a 5/1 adjustable rate mortgage crept up. The average rate for a 30-year fixed rate mortgage dropped by 12 basis points to 4.20 percent; The average rate for a 15-year mortgage fell 11 basis points to 3.44 percent while the average rate for a 5/1 adjustable rate mortgage gained three basis points to 3.33 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Construction spending was higher in November according to the Commerce Department and reached the highest level since April 2006. The November reading was 0.90 percent higher as compared to an expected reading of 0.60 percent and October’s original reading of 0.50 percent, which was revised to 0.60 percent. Lower mortgage rates coupled with more construction could help ease low inventories of available homes and provide relief to first-time and moderate-income home buyers who’ve been challenged by rapidly rising home prices and mortgage rates.

Fewer New Jobless Claims: Unemployment Rate Rises

The government’s Non-Farm Payrolls report for December showed lower job openings for government and private sector employers with a reading of 156,000 jobs added against the expected reading of 180,000 job openings and November’s reading of 204,000 job openings.

ADP reported similar results for its December reading on private sector jobs; 153,000 jobs were created against November’s reading of 215,000 jobs created. Analysts said that hiring is increasing, but not as fast as in prior months. On average, 174,000 private-sector jobs were created monthly in 2016 as compared to a monthly average of 209,000 private sector jobs created in 2015.

Weekly jobless claims were lower last week with 235,000 new claims filed; 260,000 new claims were expected based on 263,000 new claims filed the previous week.

December’s national unemployment rate rose to 4.70 percent from 4.60 percent in November. Analysts said that the uptick was likely fueled by employers deleting former workers from their payrolls at year-end.

Whats Ahead

This week’s scheduled economic reports include readings on job openings, consumer sentiment and weekly readings on new jobless claims and mortgage rates.

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17864 E Fort Verde Road Rio Verde, AZ 85263

$739,000
3 Beds
2 Baths
1,752 SqFt
Status Active
MLS # 6716782
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the heart of Trilogy at Verde River a premier Luxury Gated Community! This stunning single-level Luxury Home has it all! The spacious split North/South facing Acacia floor plan with 2 upscale bedrooms and a LARGE DEN boasts a gourmet kitchen with GE Monogram SS appliances, and a large island that's perfect for entertaining. You'll appreciate the attention to detail and luxurious touches throughout that make this home truly special. Custom finishes throughout including wood look tile floors, built in custom wood accent wall in the Great room, hand painted accent wall in the dining and kitchen area, stunning lighting fixtures, and custom window treatments. The primary is a true oasis of comfort and sophistication, featuring Wood Accent wall, custom mirrors, dual vanities, and a large walk-in closet. True privacy and convenience abound - this home is fit for comfort and luxury, and includes spectacular spaces, including extended covered patio, beautiful desert landscaping and your private Putting Green. All this and more set in one of the valley's most scenic locations in the world class Trilogy community.

1306 W Coyote Drive Chandler, AZ 85286

$739,000
4 Beds
3 Baths
2,343 SqFt
Status Active
MLS # 6752778
Property Type Single Family Residence
Price Type --
This immaculate two-story home in the gated Mariposa community, South Chandler, offers pristine living with luxury & convenience, backing to a greenbelt in the heart of Ocotillo. Comfort & modern style, this 4 bed, 3 baths, large loft & 2-car garage offers upgraded features throughout. The gourmet kitchen features quartz countertops, 42'' cabinets with GE Cafe Appliances, gas range, stylish backsplash, chic light fixtures, & a walk in pantry. First-floor offers a bedroom with a full bath, perfect for guests. Large versatile loft upstairs with 3 bedrooms including the luxurious main suite w/ dual vanities, tiled shower,soaking tub & walk in closet. Additional upgrades include a tankless water heater, RO system, soft water system, plantation shutters throughout, & a Smart Home control panel. The low-maintenance backyard is perfect for relaxation & entertaining, featuring a travertine-covered patio, artificial turf & a custom built BBQ with marble counters. The two-car garage features built-in cabinetry & epoxy flooring. This home truly has it all, from modern comforts to resort-style living. Residents enjoy all the amenities including a heated pool, hot tub, clubhouse, firepit & BBQ area. Convenient access to top-rated schools, shopping, freeways & dining.

6952 S Black Hills Way Chandler, AZ 85249

$739,000
5 Beds
4 Baths
3,753 SqFt
Status Active Under Contract
MLS # 6734920
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the heart of Chandler! This 5-bedroom beauty is nestled in the sought-after Sun Groves community, surrounded by stunning mountain and desert views. This home is perfect for a growing family and in the top-rated Chandler Unified School District. Inside, the open concept kitchen is loaded with ample cabinets, an island, granite counters, & stainless-steel appliances. The adjoining formal dining room leads to a private courtyard. One spacious bedroom is conveniently located downstairs along with a full bath. Upstairs, the grand owner suite features a sitting room, balcony, separate vanities, soaking tub, separate shower and a large walk-in closet. Another bedroom includes a loft and private bath, while two others share a Jack & Jill bath. Other amazing feature include 4-car tandem garage with storage room, two laundry areas, tile in high traffic areas & pre-wired for surround sound. The backyard is an entertainer's paradise with a fireplace, large covered built-in BBQ, a flagstone patio, and a refreshing pool. Newly renovated landscaping includes low maintenance turf, pigmy palms & colorful plants. Living in Chandler means quick access to top employers in tech, medical, and aerospace industries, plus nearby restaurants, entertainment, shopping, and major highways. With steady home value appreciation, this property is a prime investment opportunity. Don't waitcome see this beautiful home for yourself!

2430 E Winston Drive Phoenix, AZ 85042

$739,000
-- Bed
1 Bath
378 SqFt
Status Active
MLS # 6734867
Property Type Single Family Residence
Price Type --
Interested in tiny home living? A Great location at the bottom of South Mountain! Wake up to Mountain views every day. the property is just a block away from the Mormon trail head, offering fantastic hiking and mountain biking opportunities. This charming 378-square-foot home might be perfect for you. Nestled on 1.46 acres, it features a spacious patio, a detached garage/workspace. Alternatively, you can build your dream home and use the tiny home as a guest house. The possibilities are endless! The home is on city water. Currently on septic but city sewer is a 100ft away.

741 S Rockcress Lane Show Low, AZ 85901

$739,000
4 Beds
3 Baths
2,026 SqFt
Status Active
MLS # 6665174
Property Type Single Family Residence
Price Type --
Beautiful TORREON Cabin! Gated & Within Walking Distance of the Club House w/Swimming Pool, Spa & Gym, Golfing & Family Center! Fully Furnished! 4 Bedroom, 3 Bath, Rear Entertainment Deck & Covered Front Porch, Recently Refreshed Kitchen, Decks, Bathrooms & More! Active Vacation Rental, Full-Time Residence, Summer Get-a-Way, or Winter Ski Cabin! Turn Key and Ready for Immediate Mountain Life ENJOYMENT! Side-By-Side ATV Available Outside of Escrow

7500 E Deer Valley Road Unit 106 Scottsdale, AZ 85255

$739,000
4 Beds
2.5 Baths
2,371 SqFt
Status Active Under Contract
MLS # 6730432
Property Type Single Family Residence
Price Type --
Impeccable remodel and unbeatable location! Welcome to convenient North Scottsdale living with this spacious fully renovated 4/2.5 with multiple living areas and an upstairs den. Oversized primary bedroom and walk in primary closet. Back yard features exceptional privacy, paver pad for outdoor table/seating, and high-end artificial turf for minimal maintenance and maximum enjoyment. House is just a stone's throw from the community's large private green belt, perfect for cooler summer time walks! Custom touches too many to list, must see for yourself!

1195 W Laredo Avenue Gilbert, AZ 85233

$739,000
5 Beds
3 Baths
3,255 SqFt
Status Active
MLS # 6712328
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the sought after Artemina neighborhood of Gilbert, Arizona! This 5-bedroom, 3-bathroom home sits on one of the largest lots in the area, offering ample space for relaxation and entertainment. In a prime location just 2 miles from downtown with recent upgrades throughout (NEW ROOF 2022)...this home is the epitome of convenience and luxury. Take a dip in the pool and enjoy the Arizona sunshine in your own backyard oasis. Don't miss out on this rare opportunity!

4602 Mountain Gate Circle Lakeside, AZ 85929

$739,000
3 Beds
2 Baths
2,877 SqFt
Status Active
MLS # 6726744
Property Type Single Family Residence
Price Type --
Look no further! This is your stunning custom dream home in the White Mountains of AZ! Big open living room with T & G ceilings, rock accented pellet stove and built in shelving. Split floor plan features large primary bedroom with private deck. Primary bath has a garden tub and walk in shower. Two guest rooms one with access to back deck and yard, Central A/C and heat. Huge covered back deck with T & G ceilings to enjoy the four seasons and family entertaining. Covered front deck to enjoy morning coffee. Exclusive gated Mountain Gate subdivision that features a private pond with waterfall, walking and biking paths along a private creek.

2957 E Cherry Hill Drive Gilbert, AZ 85298

$738,990
5 Beds
3 Baths
3,625 SqFt
Status Active
MLS # 6746042
Property Type Single Family Residence
Price Type --
BRAND NEW KB HOME! This home features an open floor plan with 9-ft. first floor ceilings and a spacious great room that opens to an extended covered back patio. The modern kitchen boasts a large center island, quartz countertops, and Whirlpool® stainless-steal appliances, including a built-in double wall oven and separate gas cooktop. You'll find Emser® tile flooring throughout the first level, laundry and bathrooms and plush Shaw® carpeting upstairs. The first level includes a private den, versatile flex space and a bedroom with full bath. Moving upstairs, the spacious loft is the perfect spot for family movie nights. The primary suite boasts an expansive closet, and the primary bath features a walk-in shower and extended dual-sink vanity.

34284 N Sandpiper Trail Queen Creek, AZ 85144

$738,431
3 Beds
3 Baths
2,770 SqFt
Status Active
MLS # 6726623
Property Type Single Family Residence
Price Type --
Welcome to this stunning home in Emblem at Oro Ridge, you will love the charming courtyard and 3 car tandem garage! Boasting 3 bedrooms, a hobby room, a den, and designer touches throughout this home is a dream. The Gourmet kitchen is gorgeous with Quartz countertops, stacked shaker cabinets, stainless steel gas appliances, under cabinet lighting, and upgraded waterfall kitchen island. Plus matte black fixtures, upgraded doors and baseboards, upgraded electrical and low voltage, and wood floors in main areas. The primary suite is spacious with a lavish ensuite featuring a dual sink vanity and a walk-in tiled shower. The backyard offers an expansive covered patio! Do not miss out on this home!

5471 N 83rd Drive Glendale, AZ 85305

$738,300
4 Beds
2.5 Baths
2,210 SqFt
Status Active
MLS # 6741008
Property Type Single Family Residence
Price Type --

2426 E Alta Vista Road Phoenix, AZ 85042

$738,200
4 Beds
3.5 Baths
2,599 SqFt
Status Active
MLS # 6580917
Property Type Single Family Residence
Price Type --
Welcome home to the highly sought after Arbors Community (Firwood) floorplan. 4 bedrooms, 3.5 baths Plus a Den or 5th bedroom. Easy access with first floor Primary Bedroom and Den/5th bedroom, vaulted ceilings, 3 upper bedrooms, open concept. Designer features throughout the home, including a chef kitchen, upgraded tile and carpet. Energy-efficient, paver driveway, large covered patio with walkway, finished yard backing to the greenbelt. Easy access to freeways, downtown events and the airport

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