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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23046 N 21st Street Phoenix, AZ 85024

$725,000
3 Beds
2.5 Baths
2,623 SqFt
Status Active
MLS # 6712292
Property Type Single Family Residence
Price Type --
Wonderful 2 story floor plan located on a cul-de-sac street with a huge backyard and mountain views. Pride of ownership shows with the original owners and how well the home has been cared for and kept clean. There are only a few lots in the subdivision that offer so much space backing to common area and wonderful mountain and sunset views through the view fencing. Entertain under the extended patio or inside with the open floor plan. Other amenities include 3 car garage, spacious loft, large master with walk in shower, granite counters in the kitchen, and exceptional savings with solar unit. Close to freeways, shopping, restaurants, and great public schools including the #1 K-8 school in Arizona.

12379 W Waverly Drive Casa Grande, AZ 85194

$725,000
3 Beds
3 Baths
3,014 SqFt
Status Active
MLS # 6656570
Property Type Single Family Residence
Price Type --
Are you looking for a desert oasis to watch the stars in the sky? Look no further! BEAUTIFUL VIEWS OF THE VALLEY AT NIGHT! Come relax in your backyard oasis with complete privacy and serenity. This custom home has it all and is easy to maintain. Each bedroom is spacious with great views of the mountains. The office was custom-made by Stonecreek. This split floor plan offers two living rooms, a den, and a wrap-around back porch. Bring your toys, and horses, or build another home the options are endless! 45 MINUTES FROM PHOENIX AIRPORT!

14561 W Hidden Terrace Loop Litchfield Park, AZ 85340

$725,000
4 Beds
4 Baths
3,286 SqFt
Status Active
MLS # 6744745
Property Type Single Family Residence
Price Type --
Just WOW! Gorgeous 4-bed, 4-bath home on the Wigwam Red Golf Course! Displaying a manicured landscape & a sided 2-car garage w/paver driveway. Home exudes elegance with a neutral palette, tons of natural light, chic light fixtures, and tile & plush carpet t/out. You'll love the formal dining room and the bright, open floorplan w/soaring ceilings! The gourmet kitchen boasts SS appliances, granite counters, a plethora of cabinetry, a pantry, an island, and a breakfast bar. Owner's bedroom is downstairs, offering an ensuite with dual sinks, a jetted tub, oversized shower, & two walk-in closets. A circular loft upstairs! Also including two large bedrooms, each equipped with an ensuite & a balcony w/beautiful golf course views. Outback, you have a covered patio for enjoying BBQ. Move-in ready!

200 E Vista Street Bisbee, AZ 85603

$725,000
8 Beds
4.5 Baths
4,763 SqFt
Status Active
MLS # 6711155
Property Type Single Family Residence
Price Type --
Welcome to one of Bisbee's MOST MAJESTIC Historic MANSIONS designed by Henry Trost and built in 1916 for, A. Grant McGregor which he occupied until 1929. The house was then occupied by M.O. Shattuck in 1938. Let this amazing home inspire you as it has done with all previous owners. New roof in 2019. Built for the Bisbee Elite in 1916, this fabulous almost 7000 sq. foot home includes an appx. 2000 sq. ft partially finished basement/apartment and the approximate 4800 sq. ft. of architectural awe in the main house. The back lot has garage spaces and courtyards. The grand entry foyer includes a stunning wood staircase that leads to many upper-floor bedrooms which each have access to stately balconies The lower level has a formal library-study with original built-in bookcases. Warm light comes in from the South Side Solarium. Formal Oversized dining & living room designed to hold some of the most prominent guests for entertaining. The current owners have brought life back to this spectacular home. The possibilities are limitless due to the design of the home and floorplan. SELFLESSLY keep it to yourself or invite others in as an Air B&B or wedding destination - the sky is the limit. This amazing home can be registered as HISTORICAL to drop taxes significantly! Every room in this mansion will tease and titillate every creative thought in an owner - plus bragging rights of the incredible history of the mansion is now yours! Every room in this mansion will tease and titillate every creative thought in an owner - plus bragging rights of the incredible history of the mansion is now yours!

1502 W Tara Drive Gilbert, AZ 85233

$725,000
5 Beds
3 Baths
2,836 SqFt
Status Active
MLS # 6747456
Property Type Single Family Residence
Price Type --
Welcome to this beautifully remodeled home in the desirable Islands subdivision! This stunning residence features a modernized downstairs with porcelain tile plank flooring, an upgraded fireplace, and elegant chandeliers. The kitchen boasts granite and quartz countertops, a farmhouse sink, mosaic tile backsplash, new cabinets, a waterfall island and a walk-in pantry with a charming barn door. Enjoy your coffee in the serene outdoor space with a new pergola sitting area along with the covered back patio, or relax by the three-pane sliding glass door that opens up 3/4 of the wall from floor to ceiling and seamlessly connects the indoor and outdoor living areas. Recently upgraded electricity and with a spacious 3-car garage, this home is perfect for families. The vibrant Islands community offers everything you need for an active lifestyle, including a community pool, green belts, and three catch-and-release lakes with a dock. Residents can enjoy basketball courts, sand volleyball, bocce ball, and extensive walking and biking paths. Bring your kayak, paddle board or other non motor boat and enjoy any of the 3 lakes. Located close to Downtown Chandler and Gilbert, you'll find an array of restaurants, shopping outlets, and grocery stores. The highly-rated Gilbert school district adds to the appeal of this fantastic community!

29433 N 155th Avenue Surprise, AZ 85387

$725,000
3 Beds
2 Baths
2,476 SqFt
Status Active
MLS # 6718281
Property Type Single Family Residence
Price Type --
Stunning 3BR/2BA home on 1.023 acre. Ample space for RV's, horses, cars & more with access through two double RV gates. AC is new & installed within last 2 years, plus freshly painted exterior and new front yard gravel. Sprinkler system has been redone to ensure a lush landscape. Enjoy a large open floor plan with a spacious kitchen & island, perfect for entertaining. A versatile den/office adds flexibility to this space. The property boasts an oversized garage equipped with a workbench and cabinets. Relax on the beautiful back deck & enjoy the serene outdoors. This home perfectly blends functionality, comfort & recreational possibilities. Plus no HOA! Don't miss the chance to make it yours!

16510 N 92nd Street Unit 1043 Scottsdale, AZ 85260

$725,000
2 Beds
3 Baths
2,243 SqFt
Status Active Under Contract
MLS # 6179888
Property Type Townhouse
Price Type --
Phase II Now Open!! SOHO Scottsdale personifies the vibrant lifestyle of today's professional or entrepreneur with dual zoned homes for a true work/live lifestyle and is a collaboration between renowned architect Bing Hu and Catclar Investments. This new home has nearly 2,300SF of gorgeous living space with upscale finishes as standard! Two master bedrooms plus a large home office. Homes are green with smart home capabilities, Gigablast internet and attch'd 2 car garage. Prime location near a multitude of upscale shopping, dining and entertainment options including Kierland Commons, Scottsdale Quarter, TCP and views of Pool & McDowell Mountains. SOHO's contemporary design offers amenities such as a 5 star Italian Cuisine restaurant, fitness studio, pool, spa and FROGS PT Clinic and Bio Fit. BioFit was created to evaluate an individuals ability to move efficiently throughout their golf swing.

21305 S 201st Way Queen Creek, AZ 85142

$725,000
4 Beds
3 Baths
3,273 SqFt
Status Active
MLS # 6733983
Property Type Single Family Residence
Price Type --
Seller to pay for 2-1 Buy Down saving Buyer nearly $800 a month! This stunner is located in one of QCs most popular neighborhoods and has been meticulously cared for & is move in ready. With upgraded cabinets, a walk in pantry, a BUTLERS pantry, incredible kitchen island w/ designer staging niches & beautiful natural light you wont want for anything in this gourmet kitchen. W/ four oversized bedrooms w/ walk-in closets & an office/bonus room this home has a wealth of space. The master features a large shower & soaking tub, all while under the roof of an energy efficient build w/ spray foam insulation & energy star rated equipment. The QC Wash trail can be accessed through the neighborhood w/ miles of uninterrupted path through the heart of the city. QC Marketplace is just one minute away

22844 E Thornton Road Queen Creek, AZ 85142

$725,000
4 Beds
3 Baths
2,774 SqFt
Status Active Under Contract
MLS # 6727873
Property Type Single Family Residence
Price Type --
Barney Farms is one of the most amazing lake subdivisions in Queen Creek! The beautiful kitchen features white cabinets, nickel cabinet hardware, upgraded glass backsplash to ceiling, Monogram appliances including induction cooktop, microwave with convection, convection/air fry oven, chimney hood, Cafe refrigerator, pre-plumed for gas cooktop, under cabinet lights, quartz countertops, huge island, pendent lights and a custom glass door leading to the walk-in pantry. The living room is open to the kitchen and dining area and is wired for surround sound, custom quartz windowsills, and 16' atrium doors. The master suite has custom quartz windowsills, door to covered patio, large walk-in closet and a master bath featuring an oversized double sink quartz vanity, private toilet room, huge linen closet and a unlike any other custom-built double walk-in tile shower with rain shower, tray ceiling and a floating bench. There are 3 other bedrooms with upgraded carpet and two more full baths with upgraded quartzite countertops. There is also a den with tile flooring and double glass doors. The large laundry room features cabinets, utility sink and a hanging rack for clothes. The 3-car tandem garage has a highly upgraded epoxy floor, storage rack on ceiling, soft water and whole house filtration system, jack shaft garage door opener, must have recirculation pump on gas instant water heater and door to paver area on side yard. The front yard has an extended paver driveway, turf and a walkway leading to covered porch with paver veneer and a security camera prewire. The back yard has a must have covered patio with limestone pavers, extend limestone paver patio, turf, bbq stub and is surrounded with Cape Honeysuckle shrubs for privacy. Home has also been upgraded with 2 tone paint, 4 baseboards, 9 x 42 wood look porcelain tile, white blinds and upgraded ceiling fans. Additional 50K in upgrades on top of builder's upgrades. The amazing 22-acre lake community of Barney Farms is a true oasis in the desert. It offers a wealth of exciting amenities that elevate living to new heights. Some of the features include kayaking and canoeing adventures on the lake, fishing, expansive pool and aquatic center, sand volleyball, pickleball, cornhole, ping pong, check/chest tables and bocce ball courts offer endless entertainment. Children's zip lines, extensive walking trails, numerous parks, green spaces, and modern play areas complete the canvas of luxury living at Barney Farms. The club house is available for functions with a kitchen, gas outdoor fireplaces and hoa has monthly events. This community is more than just a place to reside; it's an unparalleled lifestyle experience waiting to be embraced.

14025 S 44th Street Phoenix, AZ 85044

$725,000
5 Beds
3 Baths
2,710 SqFt
Status Active Under Contract
MLS # 6732933
Property Type Single Family Residence
Price Type --
Fantastic 5-bed/3-bath family home offers expansive living spaces designed for comfort and style. The beautiful backyard is an entertainer's dream, featuring a state-of-the-art covered built-in kitchen and an enormous pool, perfect for hosting gatherings and creating lasting memories. The home includes a convenient first floor bedroom and full bathroom, ideal for guests or as a luxurious mother-in-law suite. Nestled in a prime location, this property provides easy access to I-10 for effortless commuting and is within walking distance to shops, dining, services, and beautiful trails. Notable upgrades enhance the home's appeal, including a new roof installed in 2022, a modern pool saltwater system added in 2020, and updated appliances from 2019. Additionally, the property features two new Trane HVAC units installed in 2019, a new water heater from 2019, and a new pool pump motor (2019). This residence seamlessly blends contemporary amenities with generous living spaces, making it the perfect choice for discerning families seeking both luxury and convenience.

6451 W Gary Drive Chandler, AZ 85226

$725,000
4 Beds
2.5 Baths
2,959 SqFt
Status Active Under Contract
MLS # 6743170
Property Type Single Family Residence
Price Type --
Welcome home to the pristine neighborhood of Ray Ranch Estates .The perfect location to dining, shopping and the I-10 freeway. The dazzling formal front room will definitely take your breath away with massive windows taking your view straight to your backyard oasis. This gorgeous 4 bedroom, 2.5 bath with 4 car garage modernly updated home definitely won't disappoint. The large kitchen is the perfect place to create meals to entertain friends and family. Enjoy movie times in your spacious living room before heading out for an evening dip in your massive lap pool. Enjoying your rock waterfall pool view while sipping your morning coffee will definitely be the best way to start your day. The enormous master suite is the perfect place to relax, take a soak in your jetted tub or read a book on your cozy window seat. The master en-suite features a separate shower and jetted tub, large linen closet and the enormous master closet of your dreams. You won't lack for storage in this home at all. This home truly has it all, don't let this one sparkle away.

5773 W Larkspur Drive Glendale, AZ 85304

$725,000
4 Beds
2.5 Baths
3,532 SqFt
Status Active
MLS # 6719271
Property Type Single Family Residence
Price Type --
Amazing remodel in the charming community of Marshall Ranch. From the moment you drive up, you will fall in love with this home's well-manicured landscaping and stunning curb appeal. As you enter, you'll find a formal living and dining room, perfect for hosting gatherings with family and friends. The kitchen features an oversized island with a newly installed farmhouse sink, high end 42 inch cabinets, quartz counters, wine curio and a walk-in pantry. Check out the new wifi refrigerator with ''pure'' ice feature. The backyard is your own private oasis with a heated pool and spa, built-in BBQ, citrus trees, premium turf and plenty of room for entertaining. Upstairs you'll find four generous sized bedrooms and remodeled baths. Thousands spent smartly, this is the nicest home in the zip code

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