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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3201 W Lois Lane Flagstaff, AZ 86001

$700,000

3 Beds

2.5 Baths

2,058 SqFt

Status Active Under Contract

MLS # 6725397

Property Type Single Family Residence

Price Type --

NO HOA! VACATION RENTALS WELCOME! Enjoy easy access to downtown, the Snow Bowl and endless trails all while being treated to magnificent views. This 3bd + loft offers a split floorplan placing the primary bedroom with en suite on the main floor with close access laundry. The seamless flow connects the kitchen, dining & living areas creating a central hub for daily activities and gatherings. Great sun exposure to the south yard for healthy summer gardens or store gear and toys out of site through the extra wide gate. The North yards is lush with blue spruce and other native vegetation that serves as a live foreground to the majestic San Francisco peak views. Whether you're hitting the slopes in winter, hiking through spring blossoms, enjoying summer festivals, or taking in the fall foliage, this home offers the perfect retreat for every season.

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8361 E Via De Viva -- Scottsdale, AZ 85258

$700,000

2 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6705758

Property Type Townhouse

Price Type --

McCormick Ranch single story townhome in PRIME Del Norte Gardens subdivision complete with community pool, tennis/pickleball and plenty of greenbelts throughout the Ranch. This home has been lovingly cared for and presents in a true Arizona Southwest fashion with custom hand painted tiles, saltillo flooring in main areas, wonderful covered patio spaces. A perfect lock and leave winter retreat. Updates include: AC (2022), water heater (2016), roof (2017). Enjoy the McCormick Ranch lifestyle!

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10511 N 104th Place Scottsdale, AZ 85258

$700,000

2 Beds

2 Baths

2,041 SqFt

Status Active

MLS # 6705891

Property Type Single Family Residence

Price Type --

Welcome to luxury living in beautiful Scottsdale Ranch! This highly sought after adult community offers stunning lake and mountain views as well as amenities including a pool w/spa, clubhouses, tennis courts, bike and walking paths and more! This charming 2-bed, 2-bath home with a den, features granite counter tops, a formal dining room, vaulted ceilings, and a covered back patio all situated close to the the lake. This split floor plan offers two primary bedrooms each having it's own full bathroom with separate tub and shower. This lovely cul-de-sac home offers a newer HVAC and tons of storage space.

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6892 E Vista Bonita Road Hereford, AZ 85615

$700,000

4 Beds

3 Baths

2,489 SqFt

Status Active Under Contract

MLS # 6744654

Property Type Single Family Residence

Price Type --

Be ready to be wowed! This custom home featuring high end amenities, along with additional features like horse stables, corral, guest home, detached garage, lap pool and expansive acreage offering beautiful mountain views is ready to become your home. The interior features many artistic touches: fireplaces in nearly every room, Venetian plaster wall treatments, massive beam work, saltillo tile, oversized windows and doors to take in those views. The lap pool rests in the private backyard near the covered back patio. Don't miss the incredible guest home with the stunning custom features, or the horse stable that is not only gorgeous but has all your horse needs covered! This one is a true gem!

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7137 E Rancho Vista Drive Unit 5008 Scottsdale, AZ 85251

$700,000

1 Bed

1.5 Baths

946 SqFt

Status Active

MLS # 6742999

Property Type Apartment

Price Type --

Welcome to this newly remodeled condominium located in the highly sought-after Optima Camelview Village! This unit seamlessly combines a contemporary design w/the convenience of condo living plus exceptional community amenities. Inside, you'll immediately notice the open concept floor plan, designed to maximize space, featuring so much natural light from the expansive floor-to-ceiling windows & stunning hardwood floors that contrast nicely w/the modern, neutral color scheme. The living area is both spacious & inviting, w/a sleek, minimalist aesthetic that carries over into the kitchen. The gourmet kitchen boasts premium stainless steel appliances, a breakfast bar, marble countertops, & dark wood cabinets. Take advantage of this perfectly-sized den an ideal spot for an office. Romantic primary suite features floor-to-ceiling windows, a walk-in closet, and an immaculate ensuite complete w/a walk-in shower & dual sinks. Not to be overlooked is the outdoor space - a cozy private terrace where you can take in the vibrant atmosphere, gorgeously landscaped courtyards, & water features. Don't miss this amazing chance! Visit before it's gone!

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1935 W Plum Road Phoenix, AZ 85085

New

$700,000

4 Beds

3 Baths

2,022 SqFt

Status Active

MLS # 6755607

Property Type Single Family Residence

Price Type --

Welcome home! This remarkable 2020 build by DR Horton features the sought-after Bluebird floorplan, designed for modern living. With 4 spacious bedrooms, 3 well-appointed bathrooms, and a convenient den, this home is perfect for families and professionals alike. Enjoy seamless flow throughout the open kitchen that connects effortlessly to the luxurious living room, creating an ideal space for entertaining or relaxing. Step through the sliding doors from the living room to your private backyard oasis, where you'll find no rear neighbors, ensuring a tranquil atmosphere for gatherings and outdoor enjoyment. Located in the amenity-rich Norterra Fireside community, you'll have access to a heated pool, spa, fitness center, and children's playgrounds, all within a secure, gated environment.

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12921 W Caraveo Place Peoria, AZ 85383

New

$700,000

4 Beds

3.5 Baths

2,945 SqFt

Status Active

MLS # 6760192

Property Type Single Family Residence

Price Type --

Priced to sell...this gorgeous two-story property in Vistancia! This 4 bedroom beauty sits over a 1/4 acre and offers a splendid curb appeal complemented by a mature landscape, a 3 car garage with paver driveway, and a cozy front porch. The interior boasts a sleek & functional design with tall ceilings, a formal living room, and a large great room that promotes a sense of openness & functionality. Recessed lighting, plantation shutters, warm neutral palette, and wood-look plank tile floors are features found throughout the house. The magazine kitchen showcases a plethora of wood cabinets, subway tile backsplash, granite countertops, and an oversized island with breakfast bar that adds to the counter space. Upstairs, you'll find a spacious loft that's ideal for a TV/game room. The primar bedroom hosts an ensuite with a granite dual vanity, a large shower, and a walk-in closet. The guest suite includes a private bathroom, making it ideal for overnight guests or in-laws. All new carpet throughout! The impressive HUGE backyard is a dream oasis perfect for year-round entertaining or relaxing in solitude! Covered patio, multiple seating areas, lush lawn, firepit, and a large pool with lounging area around the edge complete the picture for this spectacular masterpiece. Hurry, a deal like this won't last!

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2531 W Josselyn Drive Flagstaff, AZ 86001

$700,000

4 Beds

3 Baths

2,332 SqFt

Status Active

MLS # 6749986

Property Type Townhouse

Price Type --

Welcome to your retreat in the pines and escape the heat. This stunning 4-bedroom, 3-bathroom home is pristine with 2332 square feet of contemporary living space in a serene setting. Short term rentals are permitted in the neighborhood. Buyer to verify. The gas fireplace in the spacious living area creates a warm and inviting atmosphere. The heart of the home is the open kitchen with beautiful white cabinets and granite countertops, offering both functionality and style. Many upgrades including soft close cabinets, stainless steel appliances, and a walk in pantry make this an impressive entertaining space. One bedroom and full bathroom on the main level, with 3 more bedrooms and an expansive loft upstairs, offers ample space for the entire family and guests. The primary bedroom is a true sanctuary with a private balcony with breathtaking views of the Peaks. This home is immaculate and perfect for full-time living, seasonal escapes or short-term rentals. Nearby hiking trails, shopping, close proximity to NAU and all that Flagstaff offers.

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10157 W Robin Lane Peoria, AZ 85383

$700,000

4 Beds

3 Baths

2,490 SqFt

Status Active

MLS # 6730365

Property Type Single Family Residence

Price Type --

MAGNIFICANT Meadows home with OWNED SOLAR. This pristinely kept 4 bed, 3 bath home offers an inviting space w/ gorgeous tile plank flooring, natural lighting, and herringbone entryway. Decadent kitchen features ss appliances, gas cooktop, granite counters, beautiful cabinetry, island w/ breakfast bar, pendant lighting, and walk-in pantry. Luxurious living area neighbors an open den, perfectly suited for an office, game room, or 2nd living space. Primary bedroom delivers ensuite bath, dual sinks, separate tub/shower, and walk-in closet. Secondary bath Jack and Jill style. Oversized laundry room offers ample counter space and cabinetry. Exterior space displays covered patio, fire pit, turf, and storage shed. Stunning curb appeal w/ entry steps, paver driveway, stonework, and vegetation.

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5297 N 207th Drive Buckeye, AZ 85396

$700,000

2 Beds

3 Baths

2,454 SqFt

Status Active

MLS # 6731385

Property Type Single Family Residence

Price Type --

Model perfect David Weekley residence available within the gated community of Mountainside - Victory at Verrado. Owner spared no detail in this stunner. Elevated grey and white color scheme create a clean and serene ambiance to complement the open and functional floorplan. Kitchen is out of a luxury magazine. 12 ft soaring ceilings, gorgeous cabinets, honed granite countertops that feel soft-to-the-touch. The primary suite blesses you with a spa-like bathroom and huge walk in closet. Upstairs can be its own suite as it's completely private with a bathroom or can be used a loft - such a versatile option for whatever your needs may be. Balcony delivers mountain views, city views, and golf course views without sacrificing privacy. Make this serene beauty yours today.

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19312 W Colter Street Litchfield Park, AZ 85340

$700,000

4 Beds

2.5 Baths

2,830 SqFt

Status Active

MLS # 6714341

Property Type Single Family Residence

Price Type --

VOTED BEST HOME ON TOUR! YOU DON'T WANT TO MISS - This Beautiful Shea Home in Litchfield Park with So Much to Offer! Gated Court Yard, 4 Bedrooms & Den/5TH Bedroom, 2.5 Baths, Unbelievable 4 car garage, Pool & Hot Tub. Home has Open Concept with an Abundance of Upgrades: Gourmet Kitchen, Large Kitchen Island, Gas Stove, SS Hood, Granite Counters, Back Splash, Staggered Extended Maple Cabinets, Reverse Osmosis, Walk in Pantry. More Upgrades Includes: 4 1/2 Crown Molding, Upgraded Fans & Lighting, Hardwood Floors & Tile Throughout Traffic Areas, 10Ft Ceilings, 8Ft Doors, Custom Window Cellular Shades in Living Room & Master Bedroom, All Windows have Sun Screens, Plantation Shutters in Two of Spare Bedrooms & Office, French Doors Off Master Bedroom & Breakfast Rm. Deluxe Iron Security Doors Added to Front Door & Breakfast Room Door, Master Suite Features Luxurious Italian Stone Tiles, Back Splash, Diagonal Tile Around the Tub Area, Walk-in Snail Shower & Walk-in Closet. Laundry Room has a Deep Sink with Maple Cabinets. Designer Interior Paint Inside 2023. Outside Home Newly Painted April of 2024 & 12 of R38 Insulation added to home in 2021. CAR ENTHUSIAST OR HANDY MAN THIS IS 4 CAR GARAGE FANTASY WITH 3 Of The 4 Garages Completely Air Conditioned & Insulated, Enclosed Storage Cabinets, Over Head Storage, Side Service Door & 20amp Outlet. Outside an Oasis Awaits you: This Professionally Designed Backyard Allows You Relax & Entertain with Gas Heated Salt Water Pool & Hot Tub with Water Features, Attractive Gazebo with Built In BBQ Bar & Grill. A Well Hidden & Covered Pool Equipment Enclosure. Gutters also Install on All Sides of Home. Solar Installed 2017 Leased with SunPower. Well Located Between 303 to the West & I 10 to the South for Airport Access. Don't Pass Up This Fabulous Home!

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7143 E Aloe Vera Drive Scottsdale, AZ 85266

$700,000

2 Beds

2 Baths

1,410 SqFt

Status Active Under Contract

MLS # 6727589

Property Type Single Family Residence

Price Type --

Live the resort life in this light, bright, and airy 2 Bed / 2 bath Arbor model in the private golf community of Terravita. This adorable home will draw you in when you walk in the door. The large windows to the beautiful, lush yard beyond will make you want to spend hours outside. The open-concept family room and kitchen make this home great for entertaining friends and family. The house chef will love to create amazing culinary creations in this spacious kitchen with a beautiful view outside. The backyard sanctuary has a retractable awning with a misting system that keeps you cool even on the hottest summer days. At the end of the day, retire to your spacious primary suite, which also has great views outside. A perfect lock & leave or enjoy this lovely home all year round.

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