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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44615 N 44th Drive New River, AZ 85087

$732,305

4 Beds

2.5 Baths

2,745 SqFt

Status Active

MLS # 6756287

Property Type Single Family Residence

Price Type --

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18808 N 34th Way Phoenix, AZ 85050

$732,000

5 Beds

3 Baths

2,615 SqFt

Status Active

MLS # 6755964

Property Type Single Family Residence

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Gorgeous 5-bedroom haven w/a 3-car garage is about to be yours! Welcoming interior has been tastefully upgraded. Fresh interior paint, tile & new carpet, Vaulted ceilings, plantation shutters. Large living & dining room. Don't miss the floor-to-ceiling brick fireplace in the family room. Open-concept kitchen offers recessed & pendant lighting, granite counters, cabinets & cupboards w/crown molding, SS appliances, island & bay window in the breakfast nook. You'll have a bonus room ideal for an office. Double doors reveal the spacious main retreat equipped w/an ensuite w/dual sinks, a walk-in closet, & a soaking tub. Serene backyard provides a covered patio for outdoor dining & a refreshing pool perfect to beat the summer heat. NO HOA! This is your next home!

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2402 N 15th Street Phoenix, AZ 85006

$732,000

3 Beds

2 Baths

2,031 SqFt

Status Active

MLS # 6691706

Property Type Single Family Residence

Price Type --

Incredible opportunity to own this STUNNING remodeled gem in the coveted Coronado Historic District! This home was meticulously reimagined, almost brand new leaving only three walls standing from the original structure. With a permitted 500 sq. ft. addition, this 3 bd/2 bath home offers all new A/C, Roof, vaulted ceilings, Windows, new stucco, new block wall, spray foam insulation & more. Kitchen features beautiful new cabinets & quartz, island, walk in pantry, all new stainless steel appliances including refrigerator. Owners suite w/oversized walk in closet, makeup vanity area, quartz tops, lighting & more. Guest bath w/tile shower surrounds, lighting, etc. LVT flooring. New landscaping. Conveniently located near downtown, Phoenix Country Club, Phoenix Children's & St. Josephs Hospital.

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13567 W Steed Ridge Road Peoria, AZ 85383

$730,982

4 Beds

3.5 Baths

2,952 SqFt

Status Active

MLS # 6738906

Property Type Single Family Residence

Price Type --

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16708 E Gloria Lane Scottsdale, AZ 85262

$730,900

4 Beds

3 Baths

3,025 SqFt

Status Active

MLS # 6374360

Property Type Single Family Residence

Price Type --

**COMPLETED SPEC**4 BEDROOM, 3 BATH HAS 3025 SQFT, HUGE OPEN KITCHEN WITH UPGRADED CABINETS, HUGE ISLAND, GRANITE COUNTER TOPS WITH TILE BACK SPLASH, STAINLESS STEEL APPLIANCES (DOUBLE WALL OVENS, 36'' COOKTOP, BUILT IN MICROWAVE, DISHWASHER AND FARMER SINK AND A WALK IN PANTRY. OPEN GREAT ROOM WITH GAS FIREPLACE WITH STONE. UPGRADED TILE FLOORING IN ALL THE RIGHT PLACES. THERE IS A FRONT AND REAR COVERED PATIO, 2X6 CONSTRUCTION, TILE ROOF, LOW-E DUAL PANE VINYL FRAME WINDOWS, OVERSIZE 4 CAR GARAGE.

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4409 W Deer Hollow Lane Phoenix, AZ 85087

$730,394

4 Beds

2.5 Baths

2,894 SqFt

Status Active

MLS # 6723504

Property Type Single Family Residence

Price Type --

Brand New Completed Home. Single story, 4 bedrooms, 2.5 baths plus a den AND a retreat! Ready now for move in. Designer Finishes throughout. Amazing location in North Phoenix nearby anthem. Talk to new home counselor for details about builder incentives!

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29408 N 224th Drive Wittmann, AZ 85361

$730,000

3 Beds

2.5 Baths

2,526 SqFt

Status Active

MLS # 6691446

Property Type Single Family Residence

Price Type --

FINAL OPPORUNITY! FINANCE INCENTIVES RATE BUYDOWN FIXED 4.875% JUST UNDER ONE-ACRE! NEW HOME, MOVE IN READY! 2526sqft single level home, 3-bedroom, Flex, 2.5 bath. 3 car tandem plus attached RV garage 15x52 w/ 10X10 at rear of RV garage. Spacious open kitchen, 42'' cabinets, quartz countertops, huge kitchen island, gourmet stainless steel appliances, large owner's suite with impressive walk-In shower all tile and more! Privacy, privacy, privacy! Surprise Estates features quality new homes on just under one-acre homesite with attached RV garage, bring all your toys!! Pristine desert surroundings make Surprise Estates the ultimate sanctuary. We are located just outside the city of Surprise, with quick access to major freeways and less than 30 minutes from Lake Pleasant!

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96 E Alcatara Avenue Queen Creek, AZ 85140

$730,000

3 Beds

3 Baths

2,343 SqFt

Status Active

MLS # 6732348

Property Type Single Family Residence

Price Type --

Experience luxury living in this stunning 3-bedroom home with a versatile den, ideally situated on a sought-after corner lot. The property features low-maintenance landscaping and a spacious 2-car garage with a split-unit air conditioning system and fully insulated for added comfort. Inside, you'll be welcomed by an open floor plan with soaring ceilings, contemporary light fixtures, and pristine tile flooring throughout. The gourmet kitchen is a chef's dream, showcasing granite countertops, custom cabinets with elegant crown molding, stainless steel appliances, a handy pantry, and a center island perfect for meal prep and casual dining. The den provides a flexible space, ideal for a home office. The primary bedroom is bathed in natural light and includes an ensuite bathroom with a dual sink vanity, a makeup station, and an expansive walk-in closet. A secondary bedroom, tucked away for privacy, features its own ensuite bathroom, making it perfect for guests or as a secondary master suite. Step outside to your private backyard oasis, complete with a covered patio and built-in BBQ area, perfect for entertaining or unwinding. Additional highlights include tinted windows on the west side and front bedroom for sun protection, and a salt-free H2O water treatment system for superior water quality. This home is a true gem and a must-see!

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7248 E Tasman Street Mesa, AZ 85207

New

$730,000

5 Beds

3 Baths

2,658 SqFt

Status Active

MLS # 6759584

Property Type Single Family Residence

Price Type --

Stunning Las Sendas Home with Extra Living Space, Modern Upgrades, & Resort-Style Yard! Welcome to your *dream home* in the heart of Las Sendas! This *spacious 4-bedroom** plus *office/den* with a **separate garage entrance** offers more living space than similar models, making it perfect for growing families or professionals seeking versatile work-from-home options. **Key Features:** - True 4 Bedrooms + Office: Ideal for families or those who need a home office with ample privacy. The office features its own *separate entrance* for extra convenience. - Expansive Loft: A versatile space that's perfect for an upstairs family room, kids' playroom, or media space. - Flexible Layout: With 3 bedrooms upstairs and 1 bedroom downstairs, this home offers the flexibility needed for adults - **Brand New Kitchen**: Recently updated with **new cabinets** and sleek **quartz countertops**, this kitchen is both beautiful and functionalideal for cooking, entertaining, and making memories. - Brand New Carpet Throughout: Enjoy the soft comfort of **new carpeting** in bedrooms. - Remodeled Master Shower: Step into your luxurious **remodeled shower** in the master bath, designed to feel like a personal spa retreat. - Resort-Style Backyard: Relax in your **play pool** with a calming water feature, surrounded by easy-care desert landscaping. The covered patio includes a remote-controlled misting system for those warm desert days. - Magnificent Views: Enjoy **breathtaking mountain and city lights views** from the master bedroom and deck. Imagine waking up to the stunning Red Mountain view every morning! - Backs to a Wash: With no neighbors directly behind you, the home backs to a scenic wash for ultimate privacy and tranquil desert views. - Plenty of Storage: This home offers abundant closets and storage solutions throughout, making organization simple and effortless. This home is a *rare find* in Las Sendas, blending modern upgrades like new cabinets, quartz countertops, new carpet, and a remodeled master shower with a luxurious yet low-maintenance lifestyle. Whether you're hosting gatherings in the spacious interior or relaxing by the pool, this house is perfect for both entertaining and serene desert living.

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20928 W Wycliff Court Buckeye, AZ 85396

$730,000

4 Beds

4.5 Baths

3,258 SqFt

Status Active

MLS # 6743683

Property Type Single Family Residence

Price Type --

Look no further! This fantastic 4 bed, 4.5 bath residence now on the market is for you! Boasting great curb appeal, a low-care landscape, and a 3 car tandem garage! Inside you will find a sizeable living area and formal dining room w/graceful archways and soft carpet in all the right places. Continue into the cozy family room boasting plantation shutters and a custom palette. The luxurious kitchen is equipped w/everything the aspiring chef needs, staggered cabinetry w/crown moulding, a butler's pantry, granite counters, stainless steel appliances, recessed lighting, and an island complete w/a breakfast bar. The primary bedroom is a true retreat, boasting a walk-in closet and a full ensuite w/dual vanities & a garden tub. Don't forget about the cozy loft, ideal for an entertainment center. Finally, the wonderful backyard includes a covered patio, extended paver seating area, artificial turf, and a sparkling blue pool perfect for the warm summer days! What are you waiting for? Act now!

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28551 N Copperwynd Road San Tan Valley, AZ 85144

$730,000

4 Beds

2.5 Baths

2,199 SqFt

Status Active

MLS # 6758177

Property Type Single Family Residence

Price Type --

Escape the hustle & bustle of city life and relax in this fabulous, newer home with spectacular mountain views! This 4 bedroom beauty sits on over a one-acre lot with horse permit showcasing an exquisite curb appeal, an attached garage, and abundant parking space for RVs or work vehicles. The spectacular interior boasts a bright & airy open floor with vaulted ceilings, recessed lighting, wood-look tile flooring, and stylish light fixtures. The spaces fuse style & functionality, flowing together seamlessly, promoting a greater traffic flow. The impeccable kitchen showcases white cabinetry, SS appliances, subway tile backsplash, solid surface countertops, and an island with breakfast bar. The primary suite has a sliding glass door to the backyard, plush carpet, and an immaculate bathroom with dual sinks & a walk-in closet. The expansive backyard is tastefully divided, offering an oasis for entertaining with a full-length covered patio, grassy areas, and a sparkling blue pool with a waterfall wall, as well as a storage shed, covered stalls/shed for working, and tons of space for horses to roam. Don't miss this opportunity. Act now!

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5503 S 225th Avenue Buckeye, AZ 85326

$730,000

4 Beds

3 Baths

1,920 SqFt

Status Active

MLS # 6752847

Property Type Single Family Residence

Price Type --

Custom Ranch Home, on 1.5 irrigated acres! The kitchen has dark knotty alder wood cabinets & lower drawers, highly upgraded Desert Canyon granite and brand new appliances. 4 bed/3bath, plus an air conditioned separate area (not included in sq ft) that can make a great office, gym, or work space. The master suite has spacious bathroom with his &her closets. Beautiful, exposed wood and beam porches on front, back and side of the home and a back courtyard with turf and pavers, great for entertaining. Copper metal roof. Fully fenced/cross fenced to separate pasture and yard & a fenced garden area. Entry with auto gate. Large shade with horse stall and plenty of room for storage. The view from the back porch is amazing! Quiet, secluded road, close enough to town for convenience. Owner/Agent

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