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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6502 E Grandview Drive Scottsdale, AZ 85254

$719,000
4 Beds
2 Baths
1,735 SqFt
Status Active
MLS # 6743649
Property Type Single Family Residence
Price Type --
FABULOUS COMPLETELY REMODELED 4 BD 2 BA PLUS Bonus Office/Den* This home boasts modern elegance filled with natural light and stylish finishes* WOOD SHUTTERS AND CEILINGS FANS throughout*SUPURB Chefs kitchen w/ quartz counters s/s appliances , LOADS OF CABINET SPACE * The spacious living area is perfect for entertaining with ample cabinetry and counter space* The den/ office space offers a quiet remote space for work or study*The primary suite features a luxurious en-suite bathroom and plenty of closet space * Three additional bedrooms provide flexibility for family, guests, or a home gym* BEAUTIFULLY LANDSCAPED YARD with children' play area surrounded by HIGH WALLS FOR EXTRA PRIVACY* Walking distance to Kierland * Don't miss out on this one COME AND SEE !!

13262 W Monterey Way Litchfield Park, AZ 85340

$719,000
5 Beds
3 Baths
3,705 SqFt
Status Active
MLS # 6746558
Property Type Single Family Residence
Price Type --
Your dream home is within reach! This stunning 5-bedroom, 3-bath residence showcases a 3-car garage, RV gate, an extended driveway, and a well-maintained landscape. Venture into the inviting living/dining room with soaring ceilings, a soothing palette, clerestory windows that flood the space with natural light, elegant plantation shutters, and sleek tile flooring. The family room has direct backyard access for seamless indoor-outdoor gatherings with a refreshing pool. The delightful kitchen features charming glass block windows, solid surface counters, abundant white shaker cabinets, pendant/recessed lighting, a stylish tile backsplash, stainless steel appliances, a pantry, a large center island, and a peninsula with a breakfast bar. You'll also find a den ideal for an office or study. The main bedroom offers attractive wood-look flooring, a cozy sitting room, an ensuite with dual vanities, and a walk-in closet. Venture outside to the backyard oasis, boasting a covered patio, pristine artificial turf, travertine pavers, and a sparkling pool for cooling down on hot days. Make this gem yours today!

8355 E Catalina Drive Scottsdale, AZ 85251

$719,000
3 Beds
2 Baths
1,656 SqFt
Status Active
MLS # 6746598
Property Type Single Family Residence
Price Type --
LISTED BELOW APPRAISAL! This complete remodel sits on a large cul-de-sat lot in the highly desirable Old Town Scottsdale location. Grab one of the famous golf-cart taxis to get to the best restaurants, nightlife, & Spring Training that AZ has to offer! The roof, A/C, ductwork, plumbing, insulation, electric, lighting, flooring, kitchen & bathrooms all brand new in 2018. Recently added 55sqft for more storage area too. There isn't one inch of this home that hasn't been remodeled! The ceilings were raised, you won't find that in most of the homes in this area! Tuff shed in back will ensure extra storage and room for your belongings. Soft water system & RO system are owned and new from 2019. See upgrades list under documents for full list of items! You don't want to miss this one!!

17025 E La Montana Drive Unit 130 Fountain Hills, AZ 85268

$719,000
2 Beds
2.5 Baths
2,373 SqFt
Status Active
MLS # 6701805
Property Type Townhouse
Price Type --
Highly desirable, gated community of Arroyo Verde at Bella Lago! Enjoy the Fountain Hills lifestyle steps from Fountain Park, hiking, restaurants, and be in the center of community events. Lives like a single level. Enter through a private courtyard into a spacious great room with a dining area that opens to a covered patio with a built-in grill. Open peninsula kitchen w/Bosch gas range, stainless appliances, Quartz counters with breakfast seating. Main level primary has double vanity with tile and glass W/I shower. Lower-level features a multi-use living space, another covered patio, and an elegant full bath. Tons of high-end upgrades and updates! The community offers a pool, spa, and clubhouse with a fitness area and gathering space!!

20677 N 16th Way Phoenix, AZ 85024

$719,000
3 Beds
2.5 Baths
2,488 SqFt
Status Active
MLS # 6738436
Property Type Single Family Residence
Price Type --
Amazing opportunity in Phoenix, AZ. Single level home with approximately 2,488 square feet. Includes a three-car attached garage. The home sits on a lot of approximately 11,976 square feet. Buyers check with City, County, Zoning, Tax, and other records to their satisfaction. AS-IS REO property.

1800 Heavenly Court Prescott, AZ 86305

$719,000
4 Beds
3 Baths
2,763 SqFt
Status Active
MLS # 6717935
Property Type Single Family Residence
Price Type --
Welcome to the picturesque Kingswood Estates. This home is located in the pines and just minutes from the wonderful Courthouse Square in downtown Prescott, AZ. Views of gorgeous trees out of every window and enjoy seeing Granite Mountain from your amazing deck or covered patio. The 4 bed, 3 bath, 2-story, 2763sf home offers living on main level with 3 bedrooms including 2 Primary Ensuites, both with large walk-in closets, and an additional bathroom for 3 bedrooms, 3 bathrooms total on the main floor. Bedroom 4 is on the lower level which also has an additional living space and tons of storage in the utility room. This is perfect for multi-generational living or with a few tweaks, possibly an income suite, there are endless possibilities. Plenty of parking, Private back patio to enjoy your morning coffee, evening glass of wine, or a fabulous weekend BBQ. This neighborhood is perfect for walking and enjoying the beautiful outdoors. Upgrades include ceramic plank tile flooring throughout main level, Exterior and Interior Painting, Refaced Kitchen Cabinets, Kitchen Backsplash and Kitchen Appliances. Welcome Home!

17025 E La Montana Drive Unit 123 Fountain Hills, AZ 85268

$719,000
3 Beds
2.5 Baths
2,074 SqFt
Status Active
MLS # 6700795
Property Type Townhouse
Price Type --
LUXURY LIVING AT IT'S FINEST! This gorgeous townhouse is located in the prestigious gated community of Arroyo Verde at Bella Lago. It features an upper deck and lower patio with stunning views. The interior has an wide open floorplan with soaring ceilings. This breathtaking home has updated appliances, interior paint, light fixtures, faucets, water heater, sink, cabinet hardware, plus much more! The community cabana features a pool, hot tub, fitness area, kitchen, and bathrooms. Located in the heart of Fountain Hills just steps from Overlook Trailhead, walking distance to the world famous fountain, Avenue of the Fountains, amazing restaurants, great shopping, McDowell Mountain regional park, and only 15 minutes from the airport! Don't miss this gem in the desert!

1958 E Duke Drive Tempe, AZ 85283

$719,000
7 Beds
3 Baths
2,153 SqFt
Status Active
MLS # 6720237
Property Type Single Family Residence
Price Type --
Situated in a prime and convenient area of South Tempe, this solid 7 bedroom, 3 bath home has a rich history as an elderly care facility. It features a comprehensive sprinkler system and was previously licensed to accommodate up to 10 residents, with current zoning allowing for 5. The property is thoughtfully designed for accessibility, including ramps and wheelchair-friendly access to all bathrooms and doorways. With two air conditioning units and a favorable north-south exposure, the home offers a great business opportunity. This care facility holds tremendous potential for continued use, a vacation rental or other possibilities. Sold ''as is'' by a motivated seller, this property is open for drive-by viewings.

22815 E Nightingale Road Queen Creek, AZ 85142

$718,990
3 Beds
3.5 Baths
3,291 SqFt
Status Active
MLS # 6678960
Property Type Single Family Residence
Price Type --
Madera at Sultana brought to you by America's largest private builder in 2023. Easy access to the 24 Freeway and nearby shopping destinations. A blend of rural charm and suburban convenience, just a short drive away from Queen Creek's premier shopping, dining destinations, as well as the newly developed Frontier Park. Dive into the inviting heated pool, relax in the soothing spa, or engage in a friendly game of pickleball, bocce ball, or basketball. The little ones will adore the thoughtfully designed playgrounds, ensuring fun-filled moments for the entire family. Inside living with wood tile floors in main living areas, carpeting in the bedrooms and white shaker cabinets and quartz kitchen countertops every detail has been chosen.

2249 W Daniel Road San Tan Valley, AZ 85144

$718,000
4 Beds
3 Baths
1,977 SqFt
Status Active
MLS # 6732343
Property Type Manufactured Home
Price Type --
Seller Installed new HVAC unit! This is a huge upgrade you will not have to worry about. This home and property are a great opportunity to own some great land in the San Tan Mountains. This property is 4.695 acres of GR zoning! It is situated in the quiet part of the San Tan Mountains.The property has a four bedroom three bath house. It has a split floor plan. Two of the bedrooms have a jack and jill bathroom. Both sides of the home have awnings. The front also provides a shaded carport. The Property has a detached workshop with a one car garage. Park and work on all your toys. There are two seperate storage sheds. This property also has horse corrals. You are able to make this property your own personal ranch. The property is situated close to shopping and dining areas of Queen Creek. Come see your next home and enjoy living with a lot of land and a lot of privacy. Professional photos coming soon.

15851 N 16th Street Phoenix, AZ 85022

$718,000
3 Beds
2.5 Baths
2,483 SqFt
Status Active
MLS # 6710570
Property Type Single Family Residence
Price Type --
ELEVATED LOOKOUT CANYON ESTATES IN THE HEART OF THE MOON VALLEY AREA. 3 FULL BEDROOMS, TWO- AND ONE-HALF BATHS PLUS A FLEXROOM/OFFICE/DEN. ALL NEW ROOF INCLUDING NEW TILES 2022. VAULTED CEILINGS LIGHT AND BRIGHT. MOUNTAIN VIEWS AND HIKING AREAS WITHIN WALKING DISTANCE. THE KITCHEN BOASTS AN OPEN FEEL WITH ISLAND WITH SEATING, STAINLESS APPLIANCES AND BREAKFAST NOOK ALL ADJOINING TO A FAMILY ROOM W/FIREPLACE. BACK PATIO W/BLT IN BBQ, FIREPLACE. A BONUS RV GATE & SLAB WITH OUTDOOR LIVING NO HOA FEES. MOUNTAIN VIEWS AND HIKING AREAS WITHIN WALKING DISTANCE. CLOSE TO FREEWAYS AND FOOD AND SHOPPING AMENITIES

1568 Pine Canyon Drive Happy Jack, AZ 86024

$717,700
4 Beds
3 Baths
2,374 SqFt
Status Active
MLS # 6751042
Property Type Single Family Residence
Price Type --
What a motivating price improvement on the stunning forest cabin you have been dreaming of! A serene mountain sanctuary nestled in the heart of Happy Jack, this stunning residence seamlessly combines rustic elegance with modern convenience. Offering a unique retreat in a breathtaking natural setting. As you arrive at the property, you'll immediately appreciate its picturesque surroundings, surrounded by towering pines and fresh mountain living . Step inside to find a spacious open floor plan designed for both relaxation and entertaining. The living area features a striking stone fireplace, perfect for cozy gatherings, and large windows that frame panoramic views of the lush forest, filling the space with natural light and a sense of tranquility. The well-appointed kitchen is a culinary enthusiast's dream with one-of-kind appliances, expansive countertops, and custom cabinetry that blend functionality with style. The central island offers additional prep space and casual seating, making it an ideal spot for family and friends to gather. Adjacent to the kitchen, the dining area provides a delightful setting for meals, enhanced by the picturesque backdrop of nature. The home includes multiple generously sized bedrooms, with the master suite serving as a luxurious retreat. This private haven boasts an en-suite bathroom and direct access to the front deck, where you can start your day with a breath of fresh mountain air and scenic views. Each additional bedroom is thoughtfully designed to ensure comfort and privacy, making it easy to accommodate family and guests. Outside, the property is equally impressive, featuring a beautifully landscaped yard and a spacious deck that invites outdoor living and entertaining. Whether hosting summer barbecues or enjoying a quiet evening under the stars, this outdoor space is perfect for making memories. The home also includes a versatile use with so many rooms, ideal for remote work or creative projects, along with a large laundry room and ample storage options to meet all your needs. Located in the coveted Blue Ridge area, this property offers convenient access to a wealth of outdoor activities, including hiking, fishing, and exploring the natural beauty of the region. The Blue Ridge cabin is more than just a home; it's a lifestyle opportunity. Whether you're looking for a peaceful year-round residence or a seasonal escape, this mountain retreat offers an unparalleled combination of comfort, beauty, and tranquility. To truly top it off the lot next door is also being sold by the same owners to really give you your own pine heaven living. Come see this Moutain sanctuary today and experience the exceptional living that awaits you in this extraordinary Happy Jack gem.

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