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.

What‘s 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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4422 N 75th Street Unit 2003 Scottsdale, AZ 85251

New

$738,000

2 Beds

2 Baths

1,209 SqFt

Status Active

MLS # 6760275

Property Type Apartment

Price Type --

Stunning 2nd Floor Condo with Expansive Private Balcony at the Coveted ENVY Condominiums in the heart of Old Town Scottsdale. Experience the luxury of 24 hour front desk service and secured underground parking for two vehicles. This beautifully designed 2 bedroom, 2 bathroom condo features a spacious walk in closet and a cozy nook area with an additional closet, ideal for a home office. Enjoy contemporary decor with 5 inch wood flooring and shades throughout (blackout shades in the bedroom). The kitchen boasts Poggenpohl cabinetry, quartz countertops, and high end Bosch appliances, along with a washer and dryer for your convenience. Take advantage of exceptional amenities, including a 4000 sq ft state of the art fitness center, the exclusive Black Label Lounge, and a pool area featuring a heated infinity pool and spa, complete with a 200 inch TV! All of this is just a short walk from the vibrant offerings of Old Town Scottsdale. This condo is perfect for either a primary residence or a second home. ENVY Residences was designed with an emphasis on quality and luxury amenities, featuring durable steel and concrete construction that sets it apart. The facilities are impeccably maintained, and the full sized gym is truly impressiveyou have to see it to believe it! Old Town Scottsdale is one of the few truly walkable communities in the Phoenix area, rich in culture and nightlife. The property is conveniently located within walking distance to everything you need! The HOA covers all utilities except for electric and internet/cable. We know you will fall in love with this property. Please reach out for more information!

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10335 N 104th Way Scottsdale, AZ 85258

$738,000

3 Beds

2 Baths

1,988 SqFt

Status Active Under Contract

MLS # 6743439

Property Type Townhouse

Price Type --

Welcome to Heritage IV, a hidden gem within the highly desirable community of Scottsdale Ranch. This exclusive community features 162 contemporary patio homes built by Golden Heritage , offering a unique blend of comfort and luxury with meandering paths, 2 refreshing pools and 3 tennis courts for your enjoyment. The rare floor plan boasts 3 full bedrooms, split for ultimate privacy. Vaulted ceilings enhance the open , bright contemporary feel of this home creating a spacious and inviting atmosphere. Updated Chef's kitchen boasts the latest luxury appliances- micro drawer, LG S/S fridge , granite counters , custom cabinets with easy pull out shelving in all cabinets and custom drawers. Cozy family room is located off the kitchen which makes for the perfect place to entertain . Enjoy a fire or just great conversation . Custom granite surround fireplace affords storage and is aesthetically pleasing. The home is situated on a cul-de- sac, just steps from 1 pool and is surrounded with shaded trees, perfect for relaxing or entertaining. The former owner owned a lighting store and the home has the BEST lighting around. The HOA maintains the front and backyard- Be sure to check out the update list - too many to mention. Discover the perfect blend of convenience, comfort and community in Heritage IV. Welcome Home!

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18321 N 28th Place Phoenix, AZ 85032

$738,000

5 Beds

3 Baths

3,220 SqFt

Status Active

MLS # 6684545

Property Type Single Family Residence

Price Type --

Welcome to this exquisite neighborhood! Step into this stunning 5-bedroom, 3.5-bathroom home, complete with a 2-car garage. Delight in culinary experiences in the kitchen, featuring stainless steel appliances, ample granite counter space, and a convenient center island for effortless meal preparation. Bask in the luminous interior adorned with neutral tile flooring and plush carpeting in select areas. Retreat to the primary bedroom offering plush carpeting, a generously sized closet, and an ensuite bathroom boasting dual sinks. Outside, the drought-resistant backyard ensures low-maintenance enjoyment, complemented by a built-in BBQ. Additionally, benefit from the fully owned 8.13 KW solar system. Situated on a quiet cul-de-sac, this property awaits its next fortunate owner. Don't miss outseize the opportunity to call this remarkable house your home today!

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20078 W Campbell Avenue Buckeye, AZ 85396

$737,980

3 Beds

2.5 Baths

2,492 SqFt

Status Active

MLS # 6754489

Property Type Single Family Residence

Price Type --

The Ascent features 10' ceilings, 3 Bedrooms, Super laundry room, Game Room, 2 1/2 Bathrooms with an open Great Room design! Your home is LEED certified, including open-cell spray foam exterior walls and cathedral ceiling open-cell foam, plus the Rheia HVAC system combined to create a comfortable living space and a bonus of saving on your energy costs! Your Kitchen will have beautiful quartz countertops, stunning white painted cabinets, as well as Stainless Steel Kitchen appliances. Your floors will have a gorgeous 7X48'' LVP throughout and plush carpet in the bedrooms. Take a step outside to your very impressive, oversized covered patio and private backyard! This home in Award-Winning ''Verrado'' is a must see! Ready NOW! Mailing address for this house is Litchfield Park, 85340

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26702 W Sierra Pinta Drive Buckeye, AZ 85396

$737,777

2 Beds

2 Baths

2,023 SqFt

Status Active

MLS # 6657937

Property Type Single Family Residence

Price Type --

A MILLION DOLLAR VIEW WITH A HOUSE THROWN IN! THIS ONE OF A KIND HOME W/4 FT GARAGE EXT FEATURES $124,000 IN BUILDER UPGRADES & OVER $135,000 IN SELLER UPGRADES! Fabulous open concept floor plan offering Sweeping golf course and mountain views. Gathering space showcases a full wet bar & media wall w/fireplace. Highly upgraded Lux kitchen layout w/huge kitchen island/seating. The master en-suite is complete with bay window offering panoramic views, spa tile surround shower, & large walk-in closet. Den/flex room has french doors & custom murphy bed. An inviting 2nd bedroom w/adjacent bath for guests. The utility room has upper/lower cabinets & office niche. Enjoy outdoor living on your covered patio overlooking your beautiful water feature, fire pit, outdoor kitchen and stellar views!

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4192 E Carriage Way Gilbert, AZ 85297

$737,000

4 Beds

3 Baths

2,870 SqFt

Status Active

MLS # 6754171

Property Type Single Family Residence

Price Type --

** BEAUTIFUL SINGLE-LEVEL 4 BEDROOM/3 FULL BATH HOME -- SITUATED ON A SPACIOUS CORNER LOT IN DESIRABLE POWER RANCH ** You will Love Coming Home to this Wonderful Property, which features a Split Floorplan (Bedrooms are located in Separate Wings (More than One Secondary Bedroom would make a Great Guest Room, with Easy Access to a Full Bath) ** Large Eat-in Kitchen includes both a Walk-In Pantry & a Butler's Pantry ** Spacious Family Room with Gas Fireplace and Built-in Office Space ** Interior Laundry Room with Cabinets & Utility Sink (and includes the Washer and Dryer) ** Three Car Garage plus Extra Storage Space ** Large Covered Patio in the Landscaped Rear Yard ** Enjoy all of the Amazing Power Ranch Amenities: Pools, Spa, Parks/Greenbelts, Lake, Walking Paths, Clubhouses & More!! **

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22657 E Happy Road Queen Creek, AZ 85142

$736,889

4 Beds

3.5 Baths

3,077 SqFt

Status Active

MLS # 6733054

Property Type Single Family Residence

Price Type --

This is a brand new Quick Start Home under construction in Queen Creek, with a Desert Modern Elevation. The Mint plan includes 4 bedrooms, 3.5 baths, 4 car garage. Gourmet Kitchen appliances that include a gas cooktop with a built-in oven/microwave and dishwasher. Move-in anticipated for October/November. Included in the Emerald Collection are 10 foot ceilings, 8 foot interior doors and paver driveway and paver courtyard. Please ask about our special financing incentives with Mattamy Home Funding.

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908 W Superstition Dr Drive Queen Creek, AZ 85140

New

$736,743

3 Beds

2.5 Baths

2,748 SqFt

Status Active

MLS # 6760460

Property Type Single Family Residence

Price Type --

NEW Palo Verde COMMUNITY! Inviting 3 bed 2.5 bath plus Den single level home with 10' ceilings that you are sure to fall in love with. Chefs' paradise featuring gourmet kitchen w/ stacked cabinets, quartz countertops, high end appliances & a Morning Kitchen/Butler's Pantry. The primary bedroom is very spacious, and the primary bath features a very large walk-in shower that is a must see. Plus, a 4 CAR TANDEM GARAGE! Amenities galore at North Creek including pool, outdoor fireplace, BBQ's, basketball & pickleball courts, Parks & playgrounds, walking paths, exercise stations & a nature sensory park! Home is under construction and should be complete Dec/Jan

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24409 W Morning Vista Lane Wittmann, AZ 85361

New

$735,950

4 Beds

2 Baths

2,140 SqFt

Status Active

MLS # 6748086

Property Type Single Family Residence

Price Type --

This Sante Fe Territorial style 4 BD/2 BA home is perfectly situated on 1 acre offering panoramic mountain views with a North/South exposure. Completed in 2021. Great curb appeal, extended drive, added pavers and a ciruclar pull through. The front porch is welcoming and extended. Open Concept with tons of natural light. Great Room. New LVP flooring. Chef's kitchen with top notch finishes throughout! BK nook! Custom interior paint. Media wall features custom accent with linear fireplace. The Primary Suite is spacious with separate tub/shower, dual sinks, walk-in closet and private entrance leading to the patio. NO HOA! Bring your Horses & Toys! 3 Car Garage w/ storage, RV gate, Two exterior RV hook ups with 30 AMP, water and drains. Storage Shed with Roll up door. New high school nearby.

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44533 N 44th Drive Phoenix, AZ 85087

$735,622

4 Beds

2.5 Baths

2,745 SqFt

Status Active

MLS # 6723527

Property Type Single Family Residence

Price Type --

This gorgeous split foor plan with entry courtyard boasts 4 bedrooms/2.5 baths. Gorgeous grey plank flooring with white cabinets, modern backsplash and quartz countertops. Open floor plan with retreat and flex room. Ready for move in. Must see!!

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22972 E Twin Acres Drive Queen Creek, AZ 85142

$735,490

4 Beds

3 Baths

2,836 SqFt

Status Active

MLS # 6739408

Property Type Single Family Residence

Price Type --

Brand new phase!. This home features a fantastic game/bonus room and is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill.

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7322 S Briarwood Lane Gilbert, AZ 85298

$735,000

6 Beds

4 Baths

2,625 SqFt

Status Active

MLS # 6748833

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Gilbert, one of the most inviting and highly desirable cities in Arizona. Nestled near the base of the picturesque San Tan Mountains, this stunning residence offers both convenience and beauty. Featuring 6 spacious bedrooms and 4 full baths, this home provides ample room for living. The interior showcases modern energy-efficient features and stylish finishes, including high-quality KitchenAid appliances in the gourmet kitchen and an LG front-loading washer and dryer. A tankless water heater ensures you'll have hot water on demand. Step outside to a custom-designed backyard with elegant pavers and lush turf, ideal for entertaining or relaxing. Additionally, a 9-year limited warranty from KB Homes provides peace of mind for your investment. See it today!

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