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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21 E 6th Street Unit 315 Tempe, AZ 85281

$725,000

2 Beds

2 Baths

1,836 SqFt

Status Active

MLS # 6678002

Property Type Apartment

Price Type --

Here is a rare opportunity for any future urban dweller. One of only a few of the highly sought after Corner Lofts, this loft offers 2 Bedrooms, 2 Bathrooms, plus Den in 1,836 s.f. of space with 11ft Ceilings! This Artist Loft at the Orchidhouse boasts amazing views of Mill Avenue and offers tons of SUNLIGHT from its expansive 3rd floor shuttered windows. Includes wood floors, custom lighting and custom kitchen island and buffet. Also includes washer/dryer. Absolutely perfect for entrepreneurs looking for a LIVE / WORK zoned flex space or for any urbanite searching for their very own home in the modern world! Enjoy Mill Avenue's shopping, dining, and the Metro light rail, Mill Ave Streetcar, Whole Foods Market, ASU and all of Downtown Tempe's entertainment right out your front door!

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931 E Whiteley Street Apache Junction, AZ 85119

$725,000

2 Beds

2 Baths

1,455 SqFt

Status Active

MLS # 6742679

Property Type Single Family Residence

Price Type --

21/2 ACRES OF NATURAL DESERT LAND WITH BEAUTIFUL HOUSE AND BRAND NEW 1800 SQ FT WORK SHOP WITH 5 TON A/C WITH ROOM FOR YOUR RV AND BOAT OR ANTIQUE CARS. OR ALL THE TOYS. HOUSE GOT A NEW A/C IN 2024 ALSO. CHERRY WOOD CABINETS, 6 PANEL SOLID WOOD DOORS ALL 36'' TO ACCOMODATE A WHEEL CHAIR IF NEEDED.. GRANITE COUNTER TOPS AND STAINLESS STEEL APPLIANCES MAKE FOR BEAUTIFUL KITCHEN. SPLIT FLOOR PLAN. VERY ENERGY EFFICIANT HOME WITH BLOCKS WITH FOAM INSULATION, DUAL PANE WINDOWS. VERY NEAT AND CLEAN MOVE IN READY HOME.

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1005 Studebaker Way Prescott, AZ 86301

$725,000

3 Beds

2 Baths

2,282 SqFt

Status Active

MLS # 6708468

Property Type Single Family Residence

Price Type --

Situated in the highly desirable Yavapai Hills, this beautiful home boasts outstanding curb appeal and a private, park-like backyard oasis. Upon entering, you're greeted by a formal dining/sitting room just off the foyer. The kitchen features wood-grain cabinetry, a stainless-steel appliance suite with a 5-burner gas range and double oven, rich granite counters, pantry, informal dining area and a breakfast bar. The great room highlights a floor-to-ceiling stack stone fireplace with a custom granite hearth, lush carpeting and abundant recessed lighting. The spacious master suite offers dedicated access to the rear patio and entrance to the incredible backyard sanctuary. The spa-like master bathroom includes double closets, large soaking tub, double basin granite vanity and walk-in shower. Off the great room and kitchen, there is a beautiful extra retreat, reminiscent of an Arizona room. This heated and cooled living space, with skylights, is perfect for relaxation. The guest bedroom wing hallway features a solar tube for added natural light and leads to two generously sized bedrooms, each with beautiful custom ceiling fans. They share a spacious bathroom, and adjacent is the laundry room equipped with a front-load LG washer and dryer on pedestals, a utility sink, and upper storage cabinetry. The backyard is a true masterpiece, with an expanded paver patio, a pergola-covered area, hot tub, and artificial turf. The fully fenced yard, a rarity for the subdivision, includes mature towering pine trees, both deciduous and evergreen plants, and raised flower beds. A beautiful waterfall feature serves as the focal point of the backyard, with raised, elevated seating areas for the ultimate view and relaxation. The property line extends well beyond the existing fence, adding to the sense of space. The front of the home features stack stone accents and mature foliage, while the security screen at the front door ensures peace of mind. Additional features of this property include a drip system and irrigation, a new roof, raised panel interior doors throughout, tile in the formal and informal dining areas, kitchen and an attached 2-car garage. Assumable VA financing available for qualified veterans!

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344 W Calle De Caballos -- Tempe, AZ 85284

Open House

$725,000

3 Beds

2 Baths

1,870 SqFt

Status Active

MLS # 6752559

Property Type Single Family Residence

Price Type --

LOCATION, TEMPE, 1 LEVEL, UPDATED & MOVE-IN READY! 10K SELLER CONCESSIONS FOR BUYERS CLOSING COSTS & RATES, Gorgeous HOME situated on a Corner N/S Exp. lot featuring 3 Beds, 2 Bths, DEN w/Barn Doors & Murphy Bed w/ Bookshelf, 3 CAR EXTENDED LENGTH GARAGE, RV GATE & POOL. Add'l features incl; Formal Living/Dining, Lrg. Open Concept Eat-in Kitchen/Family Rm. Kitchen Upgrades incl; 42'' White Cabinetry w/Quartz & Cambria Countertops, Custom Backsplash, Lrg. Island w/Custom Lighting, Stainless Steel Appliances and Cabinet Hardware. Additional upgrades incl; NEW ENERGY EFF. WINDOWS, NEW Interior Paint, New Carpet, 2.5'' Cordless Blinds, Wood Plank Tile, Upgraded Door Hardware, Fans, Lighting, Lrg. Baseboards, Spa like Custom Shower Surrounds & Frameless Glass Enclosure in Mstr., Ext. incl; Pool, Lrg. Covered Patio, & Grass area. Main Sewer Line replaced w/10year transferable warranty. The list goes on...Check document section for list of upgrades

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1534 E Sweet Citrus Drive Queen Creek, AZ 85140

Open House

$725,000

2 Beds

2.5 Baths

2,411 SqFt

Status Active

MLS # 6734211

Property Type Single Family Residence

Price Type --

Step into a realm where unparalleled sophistication meets masterful craftsmanship in this exquisite home, where every detail is a testament to meticulous curation and perfection. The Chef's kitchen, the epicenter of culinary brilliance, showcases brand-new quartz countertops that harmoniously blend opulence and functionality. A new roof stands as a beacon of assurance, offering discerning homebuyers years of unwavering protection and peace of mind. Embrace the future of sustainable living with fully paid solar panels, embodying a commitment to eco-friendly innovation. Step outside to your private side yard oasis, where you can savor the delights of a BBQ grill, a fireplace, artificial turf, and the gentle melody of a serene waterfall.

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6700 S Agate Way Chandler, AZ 85249

Open House

$725,000

5 Beds

3.5 Baths

4,144 SqFt

Status Active

MLS # 6755155

Property Type Single Family Residence

Price Type --

***NOW LISTED BELOW APPRAISAL VALUE!*** Welcome to 6700 S Agate Way, a beautifully designed residence that offers unparalleled value and luxury. This stunning home features a gourmet kitchen with stainless steel appliances, perfect for culinary enthusiasts and hosting gatherings. The thoughtfully designed main floor includes a large bedroom and and additional office/den/bedroom and a convenient 1.5 bathrooms. An expansive loft area provides versatile space for a home office, playroom, or media room. A unique highlight of this property is the impressive basketball court, ideal for sports enthusiasts and family fun. The home also boasts a three-car garage and an RV gate, offering ample space for vehicles and recreational toys. Upon entering, you'll be captivated by a grand chandelier that sets the tone for the home's elegance. Stylish accent walls in the bedrooms and a striking rock wall feature in the living room add distinctive character. Modern black light fixtures throughout enhance the home's contemporary appeal. Please note, while MLS and county records list the property as 3,300 square feet, it actually encompasses 4,144 square feet. It appears there was an oversight by the builder, with the right wing of the homewhich includes two additional bedrooms, a bathroom, and a garagenot being fully accounted for. An appraisal has indicated that if the correct square footage were updated with the city, the home would be valued at $800,000 instead of the current appraised value of $750,000. This presents a fantastic opportunity for significant savings on property taxes and an exceptional value for buyers. Don't miss your chance to experience this incredible home. Schedule your showing today!

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7211 W Pershing Avenue Peoria, AZ 85381

Open House

$725,000

6 Beds

3 Baths

3,792 SqFt

Status Active

MLS # 6723856

Property Type Single Family Residence

Price Type --

Welcome to your new 6 bedroom/3 full bath & 3 car garage home located in Peoria. This beautiful home features 3 multi-levels with tile/wood flooring throughout. The lower level features a home office, cozy living room with a private mother in-law suite with a full detached bathroom. The upper level features a large primary bedroom with an ensuite bathroom with a soaking tub/separate shower. Upstairs also features four other bedrooms, one of which has its own balcony that overlooks the backyard and a full bathroom. The backyard features a renovated pool, large covered patio and large backyard great for entertaining. RV gate and two brand new AC units. Brand new solar panels + added insulation make this home a must see. This home won't last long!

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3199 S Beringer Lane Flagstaff, AZ 86005

$724,999

3 Beds

2.5 Baths

2,113 SqFt

Status Active

MLS # 6758392

Property Type Townhouse

Price Type --

Your perfect Flagstaff home is new, modern, and feels wonderfully chic. It is an end unit, lock & leave townhome with an open floorplan, gorgeous natural light, an upgraded kitchen with beautiful white backsplash, a private yard that opens to green space, and plenty of room for family, friends and pets. This is it - your perfect Flagstaff home. At 2113 sf, it's not too big and not too small. Just right! The spacious primary suite with an upgraded executive bath is luxurious and welcoming. The large room on the entry level is fabulous as an second living area or office. Meticulously cared for, in excellent condition and offered fully furnished/turnkey, just move right in! This home is perfect as your home, Flagstaff getaway, and successful STR. You can have it all!

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15053 N 102nd Way Scottsdale, AZ 85255

$724,999

3 Beds

2 Baths

1,552 SqFt

Status Active

MLS # 6736587

Property Type Single Family Residence

Price Type --

Don't miss this beautiful home with amazing upgrades in McDowell Mountain Ranch. Quiet backyard that sits on the preserve and boasts beautiful views. Split floor plan with a kitchen that opens to the great room. Kitchen has lots of cabinets and drawers plus an island for additional seating. Upgraded flooring throughout the home. Master bathroom boasts a gorgeous beach front shower and double sinks. Spacious secondary bedrooms as well. Excellent schools, close to parks, shopping, restaurants, much more.

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7684 W Tether Trail Peoria, AZ 85383

$724,990

3 Beds

2.5 Baths

2,495 SqFt

Status Active

MLS # 6731530

Property Type Single Family Residence

Price Type --

Welcome to Ashton Woods newest community in Peoria -The Sanctuary at Aloravita. This 2,495 Topaz floorplan features a Craftsman elevation and includes 3 bedrooms, 2.5 baths, and a 3-car tandem garage. The massive kitchen island is perfect for family and friends to gather as it opens to the home's great room for easy entertaining. The kitchen includes stainless steel appliances with a gas cooktop, large undermount sink, beautiful charcoal stain shaker style cabinets, cabinet hood, quartz countertops, and a must see Butler's Pantry. Other features include, 8' interior doors, wood plank floor tile, upgraded carpet/pad, and a soft-water loop in the 3-car tandem garage.

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21924 E Twin Acres Drive Queen Creek, AZ 85142

$724,990

4 Beds

3 Baths

2,175 SqFt

Status Active

MLS # 6739412

Property Type Single Family Residence

Price Type --

This beautiful home features an RV Garage with plenty of room for all the toys. Madera West estates 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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42817 N 8th Street New River, AZ 85087

$724,968

3 Beds

2 Baths

1,812 SqFt

Status Active

MLS # 6686573

Property Type Single Family Residence

Price Type --

Huge Price Correction! Be the envy of all your friends as you live the life of luxury with Amazing views and a remodeled home. This beauty is situated on a serene hill with acreage & no surrounding neighbors allowing for privacy. Each room offers captivating panoramic views, creating a picturesque retreat. This open floor plan includes fresh paint inside & out, new tile flooring, new plush carpeting, new windows, newer roof & AC, and much more. NO HOA. Means freedom to personalize your outdoor space. Additionally, the 4 car garage & abundant driveway parking for 6+ vehicles provides ample room for all your toys including RV's & boats. Embrace the pinnacle of luxury in this extraordinary & unique home! Professional pictures cominfg soon.

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