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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310 S 4th Street Unit 1905 Phoenix, AZ 85004

$710,000
2 Beds
2.5 Baths
1,435 SqFt
Status Active
MLS # 6706728
Property Type Apartment
Price Type --
Location is everything and this unit has perfect city views as well as amazing sun set views. Great location in the city as it's nestled between the Phoenix Suns and AZ Diamondbacks venues. Restaurants, easy light rail access, theatre's and symphony's are all around. Popular Open Floor plan. This unit was recently completely remodeled with high end finishes. Murphy bed at Guest/Office room. Lift parking space allows for two vehicles. This unit also has an extra large balcony. Located on the 19th floor of this 23 floor building, it's really one of a kind. 24 Hour Lobby Security/Attendant. Fitness Center, Outdoor pool and hot tub overlooks Diamondback stadium. Don't let this one get away.

2601 W Lodge Drive Phoenix, AZ 85041

$710,000
5 Beds
4 Baths
2,700 SqFt
Status Active
MLS # 6697399
Property Type Single Family Residence
Price Type --
Beautiful custom Home nestled right up to the Base of South Mountain. Seller is willing to flex on price! New kitchen and bathrooms recently remodeled. 2 A/C units and water heater 2 yrs old. Perfect mountain views from the yard. Over half acre of land (33,000+) to do whatever you'd like. Chicken stalls already built. Separate two car garage with attached Casita, bedroom and bathroom. Free standing gazebo. Flowing water during rainy days. Really is a must see!

20136 E Domingo Road Queen Creek, AZ 85142

$710,000
4 Beds
3 Baths
2,897 SqFt
Status Active
MLS # 6747916
Property Type Single Family Residence
Price Type --
Welcome to your dream oasis! This exquisite resort-style home blends luxury and comfort, offering a perfect retreat for relaxation and entertainment. Spacious Open Floor Plan: The heart of this home features an expansive living areas bathed in natural light, thanks to the large sliding glass doors that seamlessly connect the indoor and outdoor spaces. Beautiful Kitchen boasts sleek cabinetry, a generous island ideal for meal preparation and a breakfast nook for casual dining. Step outside to your private paradise, complete with a sparkling pool, gazebo, built in BBQ while surrounded by lush landscaping and mature citrus trees. This outdoor oasis is perfect for summer gatherings or serene evenings under the stars. Additional Property Features: Trane 5 ton Variable Speed AC Unit AZ Trim Lights All Around 10ft Screen Doors Luxurious Upgraded Showers Beautiful Closets Door Chime Custom Pool Cover PentAir Easytouch Smart Pool Jacuzzi Hook-up Prime Location: This home is situated in a desirable neighborhood, close to shopping, dining, and recreational activities. Don't miss the opportunity to own this luxurious resort-style home that combines modern elegance with comfort.

14665 S 25th Way Phoenix, AZ 85048

$710,000
3 Beds
2.5 Baths
2,426 SqFt
Status Active
MLS # 6745287
Property Type Single Family Residence
Price Type --
Welcome home to Crystal Canyon's very best offering! This Shea built home resides on the cutest Cul-de-sac & has the very best split floor-plan! The 3 car garage, newly remodeled primary bed & bath, renovated pool & jacuzzi, gorgeous vaulted ceilings through-out & new dual pane windows & plantation shutters, truly make this home a stand-out! The grand front double Oak doors lead you into a great-room concept plus two separate flex spaces & formal dining to make entertaining here easy! The interior boast stunning slate floors through-out (no carpet), granite counters in all rooms, newly re-painted walls, new doors & hardware, all bathrooms that have been renovated, & a real wood burning fireplace too! The primary bedroom possesses elegant wood-like plank tile flooring, vaulted ceilings, picturesque views of the pool & French doors to the back yard. The owners' bathroom was just remodeled too with 10 foot custom tiled shower, Rainfall shower head & hand-held, stately glass door, soaking tub under a picturesque window, dual maple vanity with under-mount sinks, oil rubbed bronze faucets, recessed lighting & custom mirrored doors that lead you into the largest master closet w/ custom built-ins & organization. The kitchen not only has the same high-end granite counters, but also a huge island w/ seating, breakfast area, composite under-mount sink, goose-neck faucet & a brand new Bosch dishwasher. 2 more generously sized bedrooms are found on the other side of the home next to a flex bonus space (could be converted 4th bedroom or office) & another remodeled bath w/ slate-tiled shower/tub combo! The expansive laundry room w/ washer & dryer that convey & extra 1/2 bath are just more special offerings to be found here! The backyard is a tropical oasis w/ mature trees, extra high exterior wall, sprawling covered patio, newly tiled & re-surfaced pool & spa ($15k spent this month), all set amongst breathtaking skies & sunsets! The 3 car garage was just epoxied, with handsome storage cabinets, workbench, utility door & a water softener too! The oversize front yard is so scenic with flagstone walk-way, desert landscaping w/ mesquite trees & adorable built-in bench seating too! All this is located in the highly prestigious neighborhood of Crystal Cove at the base of South Mountain w/ incredible hiking trails at your fingertips! Award winning Kyrene schools are in walking distance too as well as all the Mountain Ranch amenities including parks, tennis, pickleball, volleyball, playground & a community pool & spa! Come on by to fall in love with you new forever home!!

5027 E Charleston Avenue Scottsdale, AZ 85254

$710,000
3 Beds
2 Baths
1,881 SqFt
Status Active
MLS # 6711502
Property Type Single Family Residence
Price Type --
This is a true 3 bedroom/2 bath with a bonus room/den or 4th bedroom. The expensive items are done! 2020 - WASHER & DRYER AND HVAC 2021 - ROOF w/ 15-yrs. warranty AND REFRIGERATOR 2022 - DISHWASHER w/ 4 yr. warranty, 2023 - LANDSCAPING SPRINKLER CLOCK, GARBAGE DISPOSAL, AND WHOLE HOUSE EXTERIOR PAINT JOB 2024 - (3) LIGHT PENDANTS, (2) TOILETS, (3) BATHROOM SINK FAUCETS, GARAGE PAINT INERIOR WALLS, DOOR TRIM AND BASEBOARDS PAINT. Enjoy wood-like laminate floors in living room and bedrooms, 3-car garage, and a spacious backyard with a covered patio, grassy yard, built-in fireplace and BBQ. This is a beautiful well-maintained home in the coveted neighborhood of Triple Crown. It shows light and bright, clean and move-in ready!

7120 E Kierland Boulevard Unit 412 Scottsdale, AZ 85254

$710,000
1 Bed
1 Bath
727 SqFt
Status Active
MLS # 6722977
Property Type Apartment
Price Type --
Rare West-facing 1 bed, 1 bath on 71st St offers picturesque views and privacy with impressive upgrades including: Motorized Shades, Italian crafted cabinetry, Bosch appliances, Kohler fixtures, Reverse Osmosis, Granite Counters, 9FT floor to ceiling glass windows, 125 SQ FT covered patio with gas stub. Includes secure Garage Parking Space with EV Charger. Come live the Ultimate Urban Luxury Lifestyle at Optima Kierland. Resort style living at its finest with world class amenities including fitness center, yoga studio, steam rooms, spas, cold plunge, basketball, pickle ball & squash courts. Massage, party/theatre room, 25yd heated & cooled Skydeck pool, towel service, table tennis, golf simulator, fire pits, BBQs, bocce ball, pool table and doggie park. It doesnt get any better than this!

24815 N 106th Drive Peoria, AZ 85383

$710,000
4 Beds
3 Baths
2,725 SqFt
Status Active
MLS # 6736237
Property Type Single Family Residence
Price Type --
A beautiful 4 bed, 3 bath residence in Tierra Del Rio is now on the market! Nestled on a premium cul-de-sac corner lot and featuring a 3 car tandem garage, low-care front yard, and an RV gate, it's sure to be the home for you! SOLAR for savings. Discover a spacious open floor plan w/elegant wood-look flooring, dazzling light fixtures, and trending palette throughout. The chef's kitchen is comprised of espresso cabinetry w/crown moulding, a pantry, granite counters, stylish backsplash, stainless steel appliances, and an island complete w/a breakfast bar. Upstairs you'll find a cozy loft w/soft carpet, where you can spend a relaxing Sunday afternoon! The primary bedroom boasts a walk-in closet and a private ensuite w/dual sinks. Don't forget about the cozy open den, ideal for a lounge area. Finally, the expansive backyard includes a covered patio, natural turf, pavers, a lovely pergola, and a fenced pool! What are you waiting for? Act now!

21723 N 67th Drive Glendale, AZ 85308

$710,000
4 Beds
3 Baths
3,070 SqFt
Status Active
MLS # 6736498
Property Type Single Family Residence
Price Type --
SELLER OFFERING $5,000 TOWARD THE BUYER'S CLOSING COSTS. Amazing opportunity to own this large 1/4 acre property on a cul-de-sac lot! This pie-shaped lot gives you a feel of 3 backyards in 1. Enjoy your own putting green, play-pool, large grassy yard, playground for the kids & concrete tables - it's an entertainer's dream! Not only does the backyard feel spacious, but the house is a well-designed 3,070 sf floor-plan. Fresh look with all new interior paint. Upon entering, you'll notice the soaring vaulted ceilings, large windows & real wood floors at the formal living & dining rooms. There is no shortage of space in the kitchen with a staggered cabinet design, wall cabinets, pantry & matching built-in desk. In addition, the kitchen features granite counters w/ natural edge, breakfast bar, eat-in kitchen, stainless steel appliances, crown moulding & lots of recessed lighting. The large family room has a gas fireplace, room for any furniture arrangement, & space for a game-room or additional sitting area. All bedrooms are upstairs. The primary bedroom has double doors, wood floors, crown moulding, recessed lights & a walk-out balcony. The attached primary bathroom includes double sinks, separate tub / shower, private toilet room & walk-in closet. There is a loft off the primary bedroom that is perfect for a small office setup, teen space, or sitting area. All bedrooms have solid flooring, recessed lighting, crown moulding & ceiling fans. For those with hobbies, there is a 3-car garage with the single garage bay that is air conditioned with a mini-split A/C system. Sierra Verde is a great community with walking paths, lakes, top-rated schools, close freeway access & in a great Glendale location.

1114 W Betty Elyse Lane Phoenix, AZ 85023

$710,000
4 Beds
3 Baths
2,463 SqFt
Status Active Under Contract
MLS # 6738817
Property Type Single Family Residence
Price Type --
Welcome to this move-in ready 4BR, 3BA home in Moon Valley, featuring a 3-car garage and an oversized lot. Recently updated with fresh paint, new carpet, and contemporary ceiling fans. Roof was replaced in 2018. The kitchen boasts raw cherrywood cabinets, honed granite counters, and an extended breakfast bar. You will appreciate the RV gate with double-wide pad, built-in garage cabinets with epoxy flooring. Entertaining is a delight with a Pebbletec play pool, outdoor shower, yard lights in front and back, and an extended covered patio with wired speakers. Amenities include security system, water softener, R/O system. This turnkey gem is ready for you to move right in!

5609 W Bullhead Road Eloy, AZ 85131

$710,000 - 2Br/3Ba -  for Sale in Robson Ranch-arizona Unit One B, Eloy
Open House
$710,000
2 Beds
2.5 Baths
2,215 SqFt
Status Active
MLS # 6674296
Property Type Single Family Residence
Price Type --
SELLERS ARE MOTIVATED! This newly built Miramonte home has many practical extras, including a four-foot extended two-car garage, a third garage with many cabinets, and a workbench. All three garages are insulated. Wholly owned solar for low utility bills. Plantation shutters throughout. There is more storage than average and a beautifully landscaped corner lot. The spacious and open floor plan is perfect for entertaining or just relaxing and doing nothing. The easy-maintenance kitchen has lots of cupboards and a large walk-in pantry. The backyard is truly an outdoor living space, fenced for privacy with a built-in gas natural gas stub for the BBQ for many enjoyable days and evenings enjoying the outdoors. Walking through the door, you will fall in love with this home.

4206 W Porter Lane Queen Creek, AZ 85142

$709,999
4 Beds
2.5 Baths
2,511 SqFt
Status Active
MLS # 6745615
Property Type Single Family Residence
Price Type --
You choose, Backyard BLOCK WALL or a permanent 1% rate buydown with preferred lender! oac. BRAND NEW HOME on a HUGE 1.2-acre corner lot is now complete! This beauty offers 4 beds, 2.5 baths, and an oversized 3-car garage. Comes with front yard landscaping w/artificial turf. The home has abundant natural light, neutral paint, modern light fixtures, tall ceilings, and wood-look tile flooring in common areas. The spacious open layout makes entertaining easy, featuring multi-sliding doors merging the inside/outside activities! The gourmet kitchen has SS appliances w/wall ovens, quartz counters, subway tile backsplash, white shaker cabinetry, a walk-in pantry, and a large waterfall island. All bedrooms are complete with plush carpet & walk-in closets! Don't wait. This house is move in ready!! Relax on your back-covered patio while enjoying the tranquil mountain views! The expansive backyard gives you so much room for your creative ideas. Bring your toys, RVs, horses, & other animalsthis property has plenty of space! Don't miss this fantastic opportunity!

1089 S Western Skies Drive Gilbert, AZ 85296

$709,999 - 4Br/2Ba -  for Sale in Western Skies, Gilbert
Open House
$709,999
4 Beds
2 Baths
2,343 SqFt
Status Active
MLS # 6742018
Property Type Single Family Residence
Price Type --
Welcome to your newly remodeled stunning home on a premium lot backing onto a golf course with a view fence. Brand new flooring, paint, baseboards, carpets, and HVAC system. The kitchen features white cabinets, quartz counter tops, and stainless appliances. The backyard is perfect for creating lasting memories with a built in BBQ, fireplace, and pool. Close to freeway access and lots of shopping and dining! Don't miss the opportunity to make this home yours!

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