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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5609 W Bullhead Road Eloy, AZ 85131

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.

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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!

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1089 S Western Skies Drive Gilbert, AZ 85296

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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21885 S 197th Street Queen Creek, AZ 85142

$709,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6709131

Property Type Single Family Residence

Price Type --

The ranch-style Cassandra plan showcases an open layout with a great room, a breakfast nook and a large gourmet kitchen. The owner's suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath. Additional features include a study, powder room, an extended covered patio, 10 ft. ceilings and tile in all traffic areas.

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3131 N Central Avenue Unit 6012 Phoenix, AZ 85012

$709,900

2 Beds

2 Baths

1,419 SqFt

Status Active

MLS # 6607993

Property Type Apartment

Price Type --

*Construction Completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom plus den condo is one of the larger two bedroom floor plans and offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Spacious balcony to capture the amazing views while outside as well. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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9725 E Lompoc Avenue Mesa, AZ 85209

$709,900

4 Beds

3 Baths

3,409 SqFt

Status Active

MLS # 6750116

Property Type Single Family Residence

Price Type --

Prime corner lot on golf course, home offers 4 bdrm/3ba/loft perfect for families/entertaining. Formal living/dining, fam room w/electric fireplace. Upstairs, master suite, master bath w/separate shower/tub, & walk-in closet. 2 bdrms upstairs & 1 bdrm downstairs. Private oasis backyard w/covered patio, hot tub, pool w/water fall ideal for relaxing/hosting gatherings. 3-car garage w/ample space to park plus storage. Access golf course through nearby passageway, perfect for sunset strolls/walking the dog. Community offers 5 parks including 4 play structures, 3 basketball courts, 3 sand volleyball courts & 9 ramadas. Excellent schools in the area, along w/nearby shopping, dining & quick freeway access. This home has it all for a growing family & those who love to entertain.

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3339 W Silverdale Road San Tan Valley, AZ 85144

$709,900

4 Beds

2 Baths

2,050 SqFt

Status Active

MLS # 6719293

Property Type Single Family Residence

Price Type --

JUST REDUCED!! Come take a look at this beautiful, newer home with amazing mountain views located in Queen Creek on a 1.25 acre horse property with NO HOA which means horses and RV's are welcomed! This home features white shaker cabinets throughout with quartz Countertops, stainless steel appliances, 10 foot ceilings with 8 foot doors, 5 in baseboards, wood plank tile floors throughout except for the bedrooms, custom tile work in bathrooms on floors and in showers, Pella Windows, upgraded sand-finish stucco on exterior of home, Trane AC units, spray foam insulation to save on energy, pipe fencing with gates surrounding the entire property, front fully desert landscaped, and MUCH MORE!

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919 W Sherri Drive Gilbert, AZ 85233

$709,900

5 Beds

3 Baths

3,034 SqFt

Status Active

MLS # 6747630

Property Type Single Family Residence

Price Type --

Great deal in the heart of Gilbert! Located in the beautiful Islands subdivision in Gilbert with walking access to lakes and walking trails. With 5 bedrooms/3 bathrooms/3 car garage/one of the largest lots in the subdivision/pool/& a huge driveway! Hard to find this much sqft at this price!! Walk into this beautiful home with the soaring ceilings and grand style staircase to the upper floor. Updated paint throughout the house, newer windows all the way through, newer plank style flooring throughout the lower level, ACs recently serviced and updated. Updated kitchen with granite counter tops and SS appliances. Enjoy the great room with additional family room. Large bedrooms & updated bathrooms throughout. Enjoy the large entertainment style back yard with sparkling pool, & covr'd patio!

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2783 Chandelle Lane Overgaard, AZ 85933

$709,900

3 Beds

2 Baths

1,706 SqFt

Status Active

MLS # 6719407

Property Type Single Family Residence

Price Type --

Looking for a full log cabin backing the forest? Look no more after you've seen this spacious 3 BR, 2 BA cabin. Perfectly situated on this Ponderosa filled homesite sits this chalet full log cabin with 2 master suites downstairs (loft is currently being used as 3rd bedroom). Slate tiled floors with carpet in the bedrooms for winter comfort, knotty hickory cabinets, large laundry room and floor to ceiling rocked wood burning fireplace plus peeled pole log railing make it the perfect cabin. Meticulously maintained, lots of decking, exposed aggregate driveway leading you into the side entrance attached 2 car garage are just a few of the extras. The lot has been firewise maintained with a pathway leading to the SECOND 2 CAR DETACHED GARAGE. All this and backing NATIONAL FOREST too in this site built homes only subdivision with underground utilities and paved roads. Don't wait any longer for this dream cabin!

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2216 E Meadowview Court Gilbert, AZ 85298

$709,900

4 Beds

3 Baths

2,188 SqFt

Status Active

MLS # 6732861

Property Type Single Family Residence

Price Type --

Nestled in the community of Belrose, this gorgeous 4-bed, 3-bath home offers the perfect blend of style & comfort. Discover elegant tile flooring paired with plush carpeting in all the right places, updated lighting & black hardware throughout. The bright, open kitchen boasts white cabinets, sleek stainless steel appliances, quartz countertops, & brand new pendant lighting. The spacious primary bedroom features a luxurious ensuite with walk-in shower & dual vanity. Backyard oasis with $60K of updates offering a sparkling pool & 2 patios with travertine tile. Also included, a convenient 2-car garage & soft water loop available. Situated in an incredible central location, this home provides easy access to highways, top-rated schools, shopping, dining, & more!

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21076 N 58th Way Phoenix, AZ 85054

Open House

$709,310

3 Beds

2.5 Baths

2,120 SqFt

Status Active

MLS # 6725483

Property Type Townhouse

Price Type --

IGNORE DAYS ON MARKET HOMES ARE ALMOST DONE PICTURES COMING SOON! STEP RIGHT UP TO PURCHASE THE HOME OF YOUR DREAMS!! Finishing construction in September this home is waiting for you! The interior hints sophistication with maple-colored cabinets, granite countertops, and wood-like tile. Having no neighbors directly behind you just adds to the serenity of this home. Actual home photos will be added soon!

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573 E Citrus Hollow Way Queen Creek, AZ 85140

$709,228

2 Beds

2 Baths

1,928 SqFt

Status Active

MLS # 6567505

Property Type Single Family Residence

Price Type --

Indulge in the epitome of refined living with this exquisite 2 bed, den, 2 bath home, boasting over 1,900 sq. ft. of luxury and elegance. From the moment you step inside you'll notice this Nice plan has detail found throughout. The heart of the home is a culinary enthusiast's dream - a gourmet kitchen that exudes sophistication with its pristine white cabinets and an impressive array of high-end stainless steel appliances. Whether you're whipping up a quick breakfast or preparing a lavish feast, this kitchen is sure to inspire your inner chef. The thoughtfully upgraded baths elevate your daily routine to a spa-like experience, featuring tasteful finishes and modern fixtures. Imagine unwinding in the serene ambiance of your master bath after a long day. This home is ready for you!

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