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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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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2845 Mustang Trail Overgaard, AZ 85933

$709,000

3 Beds

2 Baths

1,600 SqFt

Status Active

MLS # 6751307

Property Type Single Family Residence

Price Type --

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3576 E Lawndale Place Queen Creek, AZ 85142

$709,000

4 Beds

2 Baths

2,431 SqFt

Status Active

MLS # 6751537

Property Type Single Family Residence

Price Type --

Nestled in the tranquil landscape of Queen Creek, AZ, this stunning residence offers boundless mountain views on a sprawling property of over one acre, suitable for horses. It features four large bedrooms and two contemporary bathrooms, with significant upgrades such as new roofing and flooring. The charm of the home is enhanced by its freshly painted exterior. A versatile workshop/garage on the property is ideal for a range of projects or storage. With no HOA restrictions! This home is an ideal choice for those in search of peace and space.

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9462 E Mogollon Trail Gold Canyon, AZ 85118

$709,000

3 Beds

2.5 Baths

2,082 SqFt

Status Active

MLS # 6734327

Property Type Single Family Residence

Price Type --

Welcome to this Exceptional Custom Home. This New Custom Build is exclusive in Gold Canyon and located on the last lot in Hermosa Hills. Home features a Spacious Layout, 2x6 Exterior Frame Construction, Urethane Foam, Exterior Stone, Trane HVAC, Fireplace, Electric Car Charging Station, Nest Thermostats, Waterfall Island, Quartz Countertops, Kitchen Island, Custom Tile Showers, Epoxy Garage and so much more. Home is near Dinosaur Mountain, Hiking Trails, Shops, and Golf Courses. Completion November 2024.

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675 W Longhorn Drive Chandler, AZ 85286

$709,000

4 Beds

2.5 Baths

2,376 SqFt

Status Active

MLS # 6727788

Property Type Single Family Residence

Price Type --

The Enchantment located in Alma School Place w/ proximity to freeway, shopping and entertainment this newly updated one level home features a lovely back yard oasis with heated play pool, spa and ''Baja Shelf'' for tanning. Bordering properties are one level creating a more secluded private backyard. The home interior includes shuttered windows, gas fireplace, ceiling fans in bedrooms, den, and family room. ''Nest'' thermostats enable temperature control access even while away from home. Split bedroom floor plan allows master bedroom privacy. A two car garage connects directly to the house via a spacious laundry room w/ sink and storage, a separate single car garage offers plenty of additional storage. Kitchen includes walk in pantry and new stainless appliances. New A/C and exterior p

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3448 N Boulder Canyon Circle Mesa, AZ 85207

$709,000

3 Beds

2 Baths

2,325 SqFt

Status Active

MLS # 6696321

Property Type Single Family Residence

Price Type --

This is your slice of paradise nestled on a beautifully landscaped culdesac with only 1 neighbor for backyard privacy. Stunning single level home with 3 BRs and an exercise/office room that has AC/heat & closet with outside & garage access. Popular Desert Willow model has an eat in kitchen with an extensive addition of cabinets, breakfast bar peninsula overlooking a large great room. Soaring ceilings. Huge primary suite with direct access to the backyard/pool. 2 generous sized guest rooms. All new wood look tile, carpet and baseboards in 2023. New outside paint in 2024. Easy care yard with new irrigation lines in front & back. Backyard built in barbecue, sun patio, covered patio, flagstone decking around a sparkling heated play pool with peaceful waterfall. Beautiful desert landscaping

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4438 N 27th Street Unit 18 Phoenix, AZ 85016

$709,000

3 Beds

2.5 Baths

2,154 SqFt

Status Active Under Contract

MLS # 6654471

Property Type Townhouse

Price Type --

Seller may carry! Luxurious and well-equipped poolside unit in the gated Rosedale Residences nestled in the highly sought after and Biltmore Corridor. French Influenced design by Architect Bing Hu adds a touch of timeless luxury to the urban setting boasting 11-foot ceilings, White Shaker Cabinets, Gorgeous finishes, Stunning Wood Floors, and more. Light from the generous windows creates a spacious and airy feeling. Gourmet kitchen opens to dining and living area. Upstairs features stunning dual primaries with en-suites and walk-in closets great for added storage. Cozy 27 home community wows with exquisite mountain views and resort-style amenities, including a stunning pool, heated spa, and BBQ area, contribute to an elegant living experience. Welcome Home!!

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22900 E Thornton Road Queen Creek, AZ 85142

$708,925

4 Beds

3 Baths

2,746 SqFt

Status Active

MLS # 6653115

Property Type Single Family Residence

Price Type --

Very well designed ''Redwood'' plan w/ 4 Bedrooms, Den & 3 Baths,, 3 car tandem garage, Also, includes a Gourmet Kitchen w/ SS Chimney Hood, Beautifully upgraded 42'' cabinets , w/ Upgraded Quartz C-top & Tile backsplash, Master Spa Shower , Laundry room sink, Tankless Water Heater, Service Garage Door , Atrium Door to patio, ''16 SEER RATING FOR AC '' ENERGY STAR HOME! All this in BARNEY FARMS the newest Premiere Master Planned Community in Queen Creek, w/ RESORT like atmosphere, LAKE COMMUNITY w/ a Large Amenity Center, 2 large Community Pools, Pickle Ball, Bocce Ball, Sand Volleyball, Walking Trails, Docks to launch Kayaks & Canoes, catch and release fishing, Ramada's , Greenbelts thru-out and Tree Line Streets. Barney Farms also has KMB K-6 School in Community.

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8353 W Bajada Road Peoria, AZ 85383

$707,500

5 Beds

3.5 Baths

2,723 SqFt

Status Active Under Contract

MLS # 6724317

Property Type Single Family Residence

Price Type --

Experience elegance in this impeccable, move-in-ready haven. Upgraded granite countertops in the kitchen and baths, complemented by chic rubbed bronze fixtures and classic wood plantation shutters throughout. This spacious 5 BD/3 ½ BA home features 2 MASTER SUITES (one is ADA compliant), exudes livability. The exterior is equally impressive with pavers in the front courtyard, RV gate, and a beautifully landscaped lot backing to a serene wash with BREATHTAKING VIEWS. The outdoor living area is an ENTERTAINER'S DREAM, featuring a sparkling pool, cozy fire pit, built-in BBQ, and bar with seating - perfect for hosting gatherings. Nestled in the beautiful, quiet neighborhood of WestWing Mountain, this home offers both tranquility and community. PRICED TO SELL QUICKLY. Buyer could not perform

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2967 E Cherry Hill Drive Gilbert, AZ 85298

$705,990

5 Beds

3.5 Baths

2,938 SqFt

Status Active

MLS # 6746041

Property Type Single Family Residence

Price Type --

BRAND NEW KB HOME. This two-story home features an open floor plan with an 8-ft. entry door and 9-ft. first floor ceilings. The spacious great room opens to a charming covered back patio, perfect for entertaining. The kitchen boasts a large center island, quartz countertops, a gorgeous tile backslash, and sleek KitchenAid® appliances. You'll find vinyl plank flooring throughout the first level, laundry and bathrooms and stain-resistant carpeting upstairs. The first level includes an open den, powder room and bedroom with full bath. Moving upstairs, the spacious loft is the perfect spot for family movie nights. The primary suite boasts an expansive closet, and the primary bath features a walk-in shower, extended dual-sink vanity, and two linen closets.

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7380 W Bent Tree Drive Peoria, AZ 85383

$705,789

4 Beds

3 Baths

2,185 SqFt

Status Active

MLS # 6746324

Property Type Single Family Residence

Price Type --

This WONDERFUL NEW 2024 home on a premium lot w/mountain views is OVERFLOWING w/over $89k of DESIGNER upgrades! Professionally landscaped front yard w/faux grass and paver driveway! BEAUTIFUL GOURMET kitchen w/gas cooktop, quartz countertops, waterfall island, urban cabinets + stainless appliance suite incl. fridge! Great room/dining room w/tons of windows! SPLIT primary bedroom suite w/LUXURIOUS ensuite bath w/ BIG walk-in shower! Bring your own backyard design to this PRIVATE backyard w/covered porch and create the oasis of your dreams! This property has too many upgrades to list here! Come see for yourself. Welcome HOME!

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