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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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.

27906 N Sierra Sky Drive Peoria, AZ 85383

$717,000
4 Beds
2.5 Baths
3,081 SqFt
Status Active
MLS # 6739639
Property Type Single Family Residence
Price Type --
Welcome to your DREAM home in Westwing Mountain! This gorgeous two-story residence , stone accent , cozy front porch, 3-car garage, RV gate and large lot. Stylish light fixtures, plantation shutters, and updated tile & plush carpet. The two-way fireplace warms both the living/dining room combo & the open-concept family room! The impressive kitchen boasts SS appliances, granite counters, a mosaic tile backsplash, big walk-in pantry, staggered cabinetry w/crown molding, and an island w/breakfast bar. One bedroom downstairs, 3 bedrooms upstairs, all have walk in closets. a large loft/game room. Owner's suite has two walk in closets and an ensuite with dual sinks & a separate tub/shower. But the true highlight is the RESORT-STYLE backyard! It is spacious, promising year-round enjoyment with a covered patio, well-laid pavers, a lush lawn, and a fire pit under the pergola. The crown jewel of this space is the sparkling pool w/waterfall. NO neighbors behind for added privacy! What's not to like? Make this gem yours now!

30 Calle Del Medio -- Sedona, AZ 86336

$716,000 - 3Br/3Ba -  for Sale in Del Sol Townhouse, Sedona
Open House
New
$716,000
3 Beds
3 Baths
1,736 SqFt
Status Active
MLS # 6759338
Property Type Townhouse
Price Type --
Who pines for a remodeled kitchen with soaring ceilings, Viking appliances, and solid quartz countertops? How about remodeled bathrooms? Perhaps new flooring, light fixtures and paint tickle your fancy? Or maybe it's the front loader Bosch washer and dryer, high end whole house water filtration system, and tankless water heater that really bring it home for you? Big ticket items like new doors, windows, and window treatments are the bits that tend to catch my eye! Now for the real long lasting value in Sedona, the RED ROCK VIEWS... from the deck, to the living room, to the dining room and the kitchen, you are graced with stunning views of Sedona's iconic Thunder Mountain from the moment you walk in the front door. Upstairs living is separate from the downstairs 1 bed/1ba with it's own private entry: perfect for a teen, mother in law, or long term roommate to help offset your cost of living. Extra unfinished basement is perfect for storage. Furniture package available.

22886 E Alyssa Road Queen Creek, AZ 85142

$715,990
3 Beds
2.5 Baths
2,451 SqFt
Status Active
MLS # 6742073
Property Type Single Family Residence
Price Type --
Madera at Sultana , Aspen ~newest plan for Ashton Woods, brought to you by Americas largest private builder and builder of the year 2023. Madera allows for quiet living with convenient access to the 24 Freeway and Shopping while providing amazing community ammenities. The Aspen Floor Plan gives you spacious living with an open concept that provides the much needed outside storage for your trailers, toys,shop area in the 4 car supersize garage with rear door. Tankless water heater, 4 panel SGD,double gate, larger lot size in Madera. This home features a gourmet kitchen with built in appliances, extended nook cabinets,36'' gas cooktop, and beautiful shaker cabinetry and quartz counters in the kitchen. The main living areas are styled with 8' interior doors, wood plank tile floors and upgraded carpet, oversized spacious bedrooms, and the primary bathroom features an enlarged tiled shower and separate tub. Cabinet upgrades throughout the home, laundryroom with sink and cabinets. The 4 car supersize with rear access door is a must see garage. Stop by to see the newest master plan community in Queen Creek and newest floor plan.

35929 N 7th Street Phoenix, AZ 85086

$715,000
3 Beds
2 Baths
1,100 SqFt
Status Active
MLS # 6735404
Property Type Single Family Residence
Price Type --
Sweet Hacienda/Ranch.. Many possibilities are available with this corner lot and 175 foot exposure on 7th Street. Fully Fenced and Gated. 10 Minutes to the ''Chips'' Plants. This is one of the Original homes in the Desert Hills Area. If you want to walk 20 ft. to your Barn, Horses and Hay Barn, out of the Rain and out of the Sun. Then this is for you. 3900 sq. ft. Open Barn of Heavy Duty Steel, made right. 6 Stalls: 16x24 - fully covered. 1 Enclosed Stall 12x16, 2 50x70 Turnouts of panels that can be moved and arranged the way you want them. Round Pen and 126x150 foot Arena. Wash Rack, and 24 ft Container. ASSUMABLE FHA First Loan at 3.25%. Credit at Closing for New Owners to upgrade.

530 Woolsey Drive Prescott, AZ 86303

$715,000
3 Beds
2 Baths
2,077 SqFt
Status Active
MLS # 6739359
Property Type Single Family Residence
Price Type --
Beautifully updated home surrounded by soaring pine trees that is walking distance to the Courthouse Square. Custom touches throughout infuse the home with warmth. Gourmet kitchen features granite counters, an oversized island, and new stainless-steel appliances. Great room has fireplace with antique barnwood mantle. Large living room has inset bookshelves, entertainment center, and new sliding glass doors out onto the patio. Master bedroom has walk in closet and updated bathroom with large walk-in shower. Two additional bedrooms, one on the main floor with walk-in closet and one downstairs that offers privacy and easy access to the garage. Single car garage has large storage closet and walk-through to the workshop. Rear deck offers gorgeous views of surrounding mountains.

22883 E Rosa Road Queen Creek, AZ 85142

$715,000
3 Beds
2.5 Baths
2,423 SqFt
Status Active
MLS # 6757064
Property Type Single Family Residence
Price Type --
Located in the highly sought after community of Spur Cross, close to everything Queen Creek has to offer! From the moment you arrive, you're sure to be impressed. Built in 2021, complete with an incredible floor plan and RV garage. Walking through the front door you'll immediately notice the pride of ownership and upgrades throughout, including beautiful tile plank flooring. The gourmet kitchen offers a gas range and double oven with a large walk-in pantry and the master retreat is the perfect place to unwind after a long day with a completely remodeled master bath. The layout offers a bonus space perfect for a game room or office and a huge mudroom. Outback you'll find a tropical oasis with large gazebo on pavers with passion fruit vines, citrus, mango and banana trees along with oth tropical plants, including grape trellis and vegetable garden. Not to mention, there is a massive garage complete with epoxy floors and a space for your RV! The beautiful community offers a pool, spa, children's playgrounds, and more. Don't miss this one!

20248 N 80th Avenue Peoria, AZ 85382

$715,000 - 6Br/4Ba -  for Sale in Fletcher Heights Phase 1a, Peoria
New
$715,000
6 Beds
4 Baths
3,065 SqFt
Status Active
MLS # 6758154
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This spectacular 6 bedroom residence at Fletcher Heights has all the bells & whistles! Nestled on a peaceful cul-de-sac, this property greets you with a great curb appeal complemented by an easy-care landscape, a 3 car garage with extended driveway, and RV gate/parking. The exquisite interior boasts elegant chandeliers, ceramic tile flooring in high-traffic areas, plush carpet in the right places, plantation shutters, and tall ceilings. The living/dining room is excellent for receiving guests or hosting a feast, while the spacious & open great room allows easy entertaining with its greater traffic flow & backyard access. The impeccable kitchen showcases recessed lighting, ample white cabinetry, contrasting granite backsplash & countertops, SS appliances. and an oversized island with breakfast bar. The large & bright owner's suite hosts a lavish ensuite with a dual vanity, soaking tub, step-in glass shower, and a walk-in closet. Sitting on an over sized lot, the backyard oasis offers a covered patio, a pergola with pavers, lush lawn, and a sparkling blue pool. The garage pass through to the backyard is perfect for working on projects. This home is perfect for entertaining or relaxing in solitude! The fantastic community includes multiple parks, playgrounds, and tennis courts. Words don't make this gem justice. Come see it!

10356 E Tiburon Avenue Mesa, AZ 85212

$715,000
2 Beds
2.5 Baths
2,314 SqFt
Status Active
MLS # 6758389
Property Type Single Family Residence
Price Type --
Nicely appointed Cinema plan in Encore at Estmark. This great room plan has 2 bdrms/2.5 bths/2 dens and sits on a oversized corner lot. It boasts raised panel antiqued kitchen cabinets, granite counters, dbl ovens, gas cook top, lg island with seating & W-I pantry. The lg laundry rm offers upper cabinets, a utility sink & a 2nd lg pantry. Lg primary bdrm is split & had LV flooring, raised vanity with dbl sinks, W-I closet, W-I shower & soaking tub. Lg 2nd bdrm w/W-I closet & 2 dens for additional living space. Exit the great room to the lg covered patio with paver overlay leading to the heated/chilled pool with water feature. Lots of room to entertain with Ramada & BBQ island. Community offers pickle ball, tennis, bocci ball, a club house with workout facility & much much more!

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