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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3741 E Catalina Drive Phoenix, AZ 85018

$700,000

3 Beds

3 Baths

2,134 SqFt

Status Active

MLS # 6737385

Property Type Townhouse

Price Type --

Newer townhome: 4-bedroom + Den, 2.5-bath in Arcadia Lite! This contemporary home is situated in a quiet cul-de-sac within a gated community that offers a community pool! Enter into a spacious layout featuring 10' ceilings on both levels, a modern kitchen with large indigo island, granite countertops, ample cabinet space, walk in pantry, + Frigidaire Gallery matching appliance package! Main level offers a den/flex space, powder room, and open living space. 2nd level opens to a flex/loft space, laundry, primary + 2 secondary bedrooms, 2 full baths. Sliding glass to back patio w/paved seating space + synthetic grass are perfect for entertaining. End unit offers extra privacy and no neighbors to the East! EV charging station included! Close to all amenities in Arcadia + Downtown Phoenix!

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9280 S Bryerly Drive Hereford, AZ 85615

$700,000

4 Beds

4 Baths

3,100 SqFt

Status Active

MLS # 6740114

Property Type Single Family Residence

Price Type --

Escape to your secluded sanctuary at the foot of the Huachuca Mountains, embraced by majestic oak trees, wildlife, and breathtaking vistas. Enter the living room, with a stacked quartz-stone fireplace inviting cozy gatherings. The main home boasts 3 bedrooms, 3 bathrooms, and a separate den/office. Indulge in the luxury of the wood flooring/tile throughout and a renovated primary bathroom - featuring modern amenities and exquisite finishes. Host elegant dinners in the formal dining room or enjoy casual meals in the kitchen nook. A bonus is the attached GUEST QUARTERS with a separate entrance, large living room, bedroom, and bathroom with heated floors (easy to add a kitchenette). Enjoy a 4-car attached garage and detached shop for ample storage. Your private retreat awaits - call today!

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13695 N 148th Drive Surprise, AZ 85379

$700,000

4 Beds

2.5 Baths

2,963 SqFt

Status Active

MLS # 6742115

Property Type Single Family Residence

Price Type --

Move into this highly upgraded property on a premium corner lot in Marley Park! Delightful curb appeal w/easy-care landscape, paver driveway, & stone accents is just the beginning. Impressive interior showcases neutral palette, tile floors, & an inviting living/dining room. Sliding glass doors open to the backyard from the spacious great room merging the indoor experience w/the outdoors. Elegant chef's kitchen boasts a plethora of cabinets w/crown molding, gleaming granite counters, SS appliances, a large island w/a breakfast bar, & a breakfast nook. Quaint main suite with an impeccable EnSuite w/dual vanities, & a walk-in closet. Create lasting memories in the expansive backyard w/a covered patio. Seize the opportunity!

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2485 E Gila Court Gilbert, AZ 85296

$700,000

4 Beds

3 Baths

2,562 SqFt

Status Active

MLS # 6746094

Property Type Single Family Residence

Price Type --

Gilbert multi-level home on 1/3-acre cul-de-sac lot with 4 bedrooms, 3 full baths, & 3 car garage. Tired of the high electric bills? Not with this house. The house is set up with leased solar panels. The lease is fixed interest with a payment of $145/month and SRP's minimum payment of $22/month, & the extra Kw sent to SRP is paid back to your account at the beginning of each year. The home has many upgrades (see attached list), from the multi-stage Trane heat pumps to the wired-for electric vehicle charging station & more. Inside; there is one bedroom & a full bathroom downstairs, while the master and 2 other bedrooms are upstairs. The master bedroom has extended walk-in closet and a balcony. The gourmet kitchen has double ovens, a gas cooktop, & an island w/breakfast bar

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14321 W Caribbean Lane Surprise, AZ 85379

$700,000

6 Beds

3.5 Baths

4,313 SqFt

Status Active

MLS # 6754444

Property Type Single Family Residence

Price Type --

Your DREAM home is here! Located in Royal Ranch, this remarkable 6-bedroom property is spacious and packed with all the bells & whistles. Great curb appeal with 2-car garage, mature landscape, front porch, and RV gate w/paver driveway. Fabulous interior showcases designer paint, recessed lighting, pre-wired surround sound, and soft carpet & tile flooring in all the right places. Featuring separate living, dining, and family rooms, this home provides ample space perfect for any lifestyle. The impressive kitchen has SS appliances, granite counters, ample staggered cabinetry, a pantry, a center island, and a breakfast nook. Two secondary bedrooms downstairs! You also have a versatile den with a built-in desk, ready to be your office. Other bedrooms await upstairs, with tons of natural light! The oversized main bedroom is a true retreat that features an ensuite with dual sinks, separate tub/shower, and a walk-in closet. Beyond the interiors, the large backyard holds its own charm! This space is designed for relaxing & entertaining, offering a covered patio, multiple seating areas, and a fenced sparkling pool for year-round enjoyment. What's not to like? This beauty won't disappoint!

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627 S Buenagua Road Payson, AZ 85541

$700,000

3 Beds

2 Baths

1,285.80 SqFt

Status Active

MLS # 6751961

Property Type Single Family Residence

Price Type --

Discover tranquility in the heart of Kohl's Ranch. This charming cabin, nestled under the Mogollon Rim, offers a serene escape! Whether you're seeking a peaceful getaway or a turn-key vacation rental business, Applecross Cottage is the perfect choice. Enjoy the cozy ambiance of the cabin's Jotul propane stove, relax in the outdoor hot tub, or entertain guests on the spacious 24x16 deck. This enchanting cabin is perfectly nestled among the trees, providing a secluded feel while being conveniently set back from the street on a large, sprawling lot with many little destinations here and there. Tonto Creek is right across the lane, via three public pathways. Lot is fully fenced with gates at either end of the large driveway. Enjoy easy access to nearby lakes, hiking trails, and the ASU Football Camp Tontozona. Inside, you'll find comfortable living spaces, vaulted ceilings, and plenty of natural light. The property also includes a washer and dryer, a shed, and fruit trees. The home is currently a 5-star Airbnb and comes fully furnished! Don't miss this opportunity to own your own piece of paradise in the beautiful Mogollon Rim.

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946 N Jesse Street Chandler, AZ 85225

$700,000

4 Beds

3 Baths

1,899 SqFt

Status Active Under Contract

MLS # 6750515

Property Type Single Family Residence

Price Type --

Discover this truly unique property—a beautifully updated, open, and bright home featuring 4 bedrooms and 3 bathrooms. Situated on a sprawling 15,000 sq/ft lot, this residence includes a sparkling pool, relaxing spa, and a new chicken coop, complemented by lush grass and mature trees. The home offers a well-designed layout with a 3-car garage, and the upstairs bedrooms are thoughtfully connected by a Jack and Jill bath. The standout feature of this property is the detached 800 sq/ft shop/garage, conveniently located adjacent to an RV gate. This versatile space includes 7 garage spaces or room for multiple cars and an RV. The shop/garage area is equipped with 12-foot ceilings, two rolling garage doors (10 ft tall at the front and 7ft tall at the back), and its own electric panel with 220

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13838 N 19th Place Phoenix, AZ 85022

$700,000

4 Beds

2.5 Baths

2,345 SqFt

Status Active Under Contract

MLS # 6745956

Property Type Single Family Residence

Price Type --

Hey there, future homeowner! I'm Cactus Casa, your desert oasis looking for the one to settle down with. I'm not your typical house - I'm the life of the party and the king/queen of relaxation, all rolled into one. My friends say I'm the perfect blend of cozy and chic, and honestly, I think they're right. I'm all about the outdoor life. With a sparkling pool that's perfect for those hot Phoenix days and an outdoor bar where you can whip up your favorite drinks, I'm the ultimate entertainer. And when the sun sets, my fire pit becomes the perfect spot for roasting marshmallows or cozying up under the stars. I've got mountain views that'll make you swoon! Inside, I'm just as inviting. My rooms are spacious and I'm decked out in desert chic decor! Buy me furnished or vacant, I'm yours!

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3137 N Granite Reef Road Scottsdale, AZ 85251

$700,000

4 Beds

2 Baths

2,072 SqFt

Status Active

MLS # 6749098

Property Type Single Family Residence

Price Type --

Unlock the Potential of Your Perfect Scottsdale Home! Discover this beautifully maintained 4-bedroom, 2-bathroom gem with an open floor plan, perfectly nestled in the heart of Old Town Scottsdale. Enjoy the luxury of your own private pool, a spacious 2-car garage, and ample storage space to keep everything organized. With no HOA to worry about, you can fully embrace the vibrant lifestyle this sought-after area has to offer. Whether you're into shopping, fine dining, entertainment, or exploring the scenic walking and biking trails, this home is just steps away from it all. Don't miss the opportunity to make this prime Scottsdale home your own!

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30343 N 130th Drive Peoria, AZ 85383

$700,000

2 Beds

2 Baths

1,587 SqFt

Status Active

MLS # 6746187

Property Type Single Family Residence

Price Type --

#1 LOCATION IN TRILOGY AT VISTANCIA. This highly upgraded 2 Bed + Den ''Monaco'' with pre-paid solar sits on an oversized cul-de-sac lot with Mountains/Hillside directly behind and all the amenities of the Mita Club just a pitching wedge away! Gorgeous curb appeal with stacked stone accent, paver driveway and front courtyard area! Step inside to ''wood look'' tile flooring, high end multi-sliding doors at both the Great Room and Den/Office, plus shutters throughout most of the home! Gourmet Kitchen features beautiful white cabinetry, stainless appliances including gas cooktop and GE Monogram hood, sensational tile backsplash, and upgraded countertops! Owner's Suite has upgraded carpet and spa like bath with tile surround shower and frameless glass door! Spacious backyard with fireplace to Other upgrades include upgraded Guest Bath, Laundry Room cabinets, 8 foot interior hardcore doors, and extended travertine patio.

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6928 N Citrus Road Waddell, AZ 85355

$700,000

4 Beds

2.5 Baths

2,200 SqFt

Status Active Under Contract

MLS # 6678917

Property Type Single Family Residence

Price Type --

This listing got a REFRESH!!! New interior and exterior paint and all new carpet throughout the home. This dream home is nestled on 1.24 acres of serene landscape with breathtaking mountain views. This move-in ready residence boasts a spacious great room, perfect for entertaining or cozy nights by the fireplace. The expansive primary bedroom provides a peaceful retreat, while the meticulously landscaped front and back yards offer lush greenery and ample space for outdoor enjoyment or making the perfect home for your horses. Don't miss the opportunity to make this picturesque oasis your own and prepare to fall in love with your new home.

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14103 S 44th Avenue Laveen, AZ 85339

$700,000

3 Beds

3 Baths

2,975 SqFt

Status Active Under Contract

MLS # 6698195

Property Type Single Family Residence

Price Type --

Basement home with guest house/shop offers flexibility for various living/working arrangements! Perfect for horses, hobby enthusiast, multi gen living, basement offers a separate living level along with the detached building for extended family or vacation rental. Ideal for small business 1200sf unit located across wash with bridge, keeps home private and work separate! Think of the savings not having to pay for an additional work space or more than one home! NO HOA and centrally located close to freeway and access to the entire valley! Set at the base of the mountain/preserve, perfect quiet, peaceful setting to enjoy sunsets and natural desert life! This multifunctional property is for those nature lovers and those not wanting cookie cutter living. Chef Kitchen. Modernized interior. Located in the county with lower property taxes. If more space is needed, lots north and south are available! See MLS Listing No's: 6708136 and 6708005

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