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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15012 W Gentle Breeze Way Surprise, AZ 85374

$699,900

2 Beds

2.5 Baths

2,539 SqFt

Status Active

MLS # 6750970

Property Type Single Family Residence

Price Type --

Discover your year-round retreat in this meticulously updated luxury home, designed for ultimate comfort and relaxation. With 2 spacious bedrooms, a dedicated office, and 2.5 elegantly appointed bathrooms, this upscale residence is perfect for seasonal visitors. Enjoy a private pool and a large covered patio—ideal for year-round outdoor living. The home features beautiful tile flooring and brand-new carpet, blending modern elegance with cozy warmth. Experience your own private resort in this stylish and inviting home.

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3060 N Ridge Crest -- Unit 142 Mesa, AZ 85207

$699,900

3 Beds

2 Baths

2,226 SqFt

Status Active

MLS # 6754733

Property Type Single Family Residence

Price Type --

VIEWS of Red Mountain and city lights with amazing sunsets await you. This single story 3 bedroom, 2 bath, 2.5 car garage sits on a premium golf course lot (3rd hole) in the gated community of Las Sendas. This single story home features a desirable split floorplan, and is finished with plantation shutters, granite slab countertops in the kitchen and baths. The kitchen finished with stainless appliances, gas cooktop, wine refrigerator/beverage center, pantry, island, tiled backsplash and under cabinet lighting. The owners suite has exterior access with two walk in closets providing plenty of storage space. Owners bath with oversized tub, tiled glass shower, and updated mirror and lighting with granite slab countertops. Family room has gas fireplace and built in entertainment center. Laundry room w/ sink and plenty of storage space and shelving.Extended covered patio with roller shades, outdoor BBQ with decorative tile finish. The backyard is complete with easy to care for xeriscape plantings, paver patio and walkways and a raised elevated sitting area for enjoying the evenings and watching the sunset views. Garage has epoxy flooring and built in cabinetry. Home has been well cared for with new roof (2023), solar panels (owned), back up generator, AC (2013). Three custom made stainless glass windows in DR and front LR convey with home.

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4855 E Eden Drive Cave Creek, AZ 85331

$699,900

4 Beds

2 Baths

2,192 SqFt

Status Active

MLS # 6752929

Property Type Single Family Residence

Price Type --

Turn key, fully furnished, private paradise in Tatum Greens! Beautiful single level home in gated community. 4 bed/ 2 baths, Living and Dining Room, open concept Kitchen and Family Room, all with 9 ft ceilings. Spacious Primary with 5 piece bath. Pebbletec, salt water Pool, covered Patio, and a gorgeous view out to the neighborhood walking trail and open space. 3 car Garage. Just minutes from restaurants, shopping and commute lines. Welcome home!

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10228 E Broadway Road Mesa, AZ 85208

$699,900

4 Beds

2.5 Baths

3,709 SqFt

Status Active

MLS # 6757280

Property Type Single Family Residence

Price Type --

Beautiful 4 bedrooms 2 baths semi-custom home in East Mesa, no HOA, great house for a big family, mature citrus trees, front yard was just done with synthetic grass. Multi-family possibilities, 2 bedroom 1 bath apartment or mother in-law suit,( it's not permitted,) patio was enclosed to a extra family room with 740 SF. sparkling pool for the hot summers in AZ, huge lot with gazebo to entertain family and friends, newly remodeled, new paint inside and out, new flooring, porcelain tile, no carpet, the master bedroom closets to die for... RV Gate and more, come and take a look, you clients won't be disappointed...PRICED TO SELL...SHOW AND LEAVE A BUSINESS CARD.

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2555 N Miller Road Scottsdale, AZ 85257

$699,900

3 Beds

2 Baths

1,818 SqFt

Status Active Under Contract

MLS # 6747929

Property Type Single Family Residence

Price Type --

Gorgeous completely remodeled 3 bed 2 bath unit in El Cuadro in South Scottsdale. Owners stripped this unit to the studs & re-built it taking out the step down, adding new white raised panel cabinets, granite counters, large format tile floors, Black stainless appliances, fireplace, custom LED cans & light fixtures, clerestory windows, brass hardware ceiling fans, new roof & AC unit. Excellent split plan w/great room feels much larger than it is w/lots of glass & natural light. Primary bedroom is large and bath is great w/huge walk-in shower, dual sinks, & nice sliding door to back yard. Secondary bedrooms share a 3/4 bath w/shower & tub combo & fabulous finishes. Back yard has a nice paver area for chairs as well as room for a spa or turf w/north facing yard. This home is turn key

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7800 E Lincoln Drive Unit 1072 Scottsdale, AZ 85250

$699,900

3 Beds

2 Baths

1,601 SqFt

Status Active

MLS # 6750243

Property Type Townhouse

Price Type --

Wonderful opportunity for a fully remodeled three bedroom unit in Cabrillo Square! MOVE IN READY! The home was just completed from the existing owner. Beautifully done with new vinyl flooring throughout, new carpet on stairs and in the primary bedroom. Brand new Samsung appliances, refrigerator, stove and microwave. New quartz counters in kitchen, long rectangular stainless steel sink with an eat in kitchen. Freshly painted, new tile surround the wood burning fireplace. Dual pane windows and new window treatments throughout. W/D inside. So many upgrades to mention! BEAUTIFUL GREEN LEMON TREE ON THE SIDE OF HOME IN BACK!! 2 car garage with direct access into kitchen. Home shows very light and bright with abundant light. This is a must see! Vacant and ready for new owners!

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4240 S Amber Street Chandler, AZ 85249

$699,900

4 Beds

2.5 Baths

2,652 SqFt

Status Active Under Contract

MLS # 6737270

Property Type Single Family Residence

Price Type --

This Beautiful single level Fulton built home features 4 bedrooms plus Den & 2.5 baths on a wonderful corner lot. Large diagonal tile in entry, kitchen, family room, laundry & all baths. Stunning kitchen opens to family room complete with staggered maple cabinets, granite slab countertops, Large kitchen island. Refreshing play pool with stacked stone & water feature. Professionally landscaped with exposed aggregate walkway & lighted pillars. Fresh paint, new carpet. Prewired for Surround Sound & Security System.

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14162 W Crabapple Drive Surprise, AZ 85387

$699,900

3 Beds

3 Baths

2,385 SqFt

Status Active

MLS # 6742906

Property Type Single Family Residence

Price Type --

This is a BEAUTIFUL FORMER MODEL home! This GORGEOUS home is OVERFLOWING with over $175K in DESIGNER upgrades including: tile/carpet, lights/fixtures + all window coverings! RV garage! GOURMET kitchen w/gas range, quartz countertops, tiled backsplash, island w/sink, white cabinets + stainless appliance suite including range hood! Open concept great room and dining area! PRIVATE owner's suite w/BIG walk in shower + walk-in closet! Flex room for office, den, or make a 4th bedroom! Low maintenance backyard w/faux grass, desert landscaping and extended covered porch! Great shopping/ restaurants nearby! WELCOME HOME!

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7337 S Debra Drive Gilbert, AZ 85298

$699,900

3 Beds

2.5 Baths

2,658 SqFt

Status Active

MLS # 6728648

Property Type Single Family Residence

Price Type --

Welcome to this beautifully designed home in the sought after Adora Trails Comm. Features 3 generous bedrooms, 2.5 baths & a versatile den offering a blend of comfort & style. Interior Highlights: gourmet kitchen, granite countertops, ample cabinetry & a spacious center island. Elegant wood look tile with classic appeal and durability throughout the downstairs area . Upstairs convenient dual-entry laundry room and a versatile Loft area. Outdoor Retreat: This inviting backyard haven, offers privacy with NO neighbors behind you! Built in BBQ and bar under a striking pergola, also a cozy fire pit seating area all in all ample backyard seating for relaxation & entertaining. Extended covered patio & RV Gate. Walking distance to Community Clubhouse and Elem school. Definitely a must see!

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135 E Julian Drive Gilbert, AZ 85295

$699,900

5 Beds

3 Baths

3,398 SqFt

Status Active

MLS # 6703843

Property Type Single Family Residence

Price Type --

Price slashed for a quick sale! Spacious home, 3-car garage in Allen Ranch. Prepare to be impressed by an enchanting interior offering a designer color palette, neutral tile floor, soft carpet in all the right places, tall ceilings & arched doorways. Cozy up on chilly evenings by the fireplace in the family room! The well-appointed kitchen boasts a plethora of wood cabinets, built-in appliances, recessed lighting, & a two-tier peninsula equipped with a breakfast bar. Double doors open to the main bedroom, comprised of a private bathroom with dual vanities & a walk-in closet. Spend relaxing afternoons along with your loved ones in the serene 10,199 sq ft backyard with large covered patio! Some updates needed but priced accordingly. Don't miss out on this value in a fantastic location!

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7912 S Millsite Drive Prescott, AZ 86303

$699,900

3 Beds

2 Baths

1,771 SqFt

Status Active

MLS # 6710729

Property Type Single Family Residence

Price Type --

Remodeled turnkey custom home with oversized deck, nestled in the pines; Hilltop perched view at 7000' elevation; Double Lot totaling 1.62 Acres; Borders Prescott National Forest; 13 miles from Downtown Prescott. Many new upgrades including: Tankless water heater 2022, Porcelain Tile 2018, Exercise/Flex room addition to remodeled laundry room 2023 (formerly a screened in porch). Previous laundry space off kitchen adds plenty of storage. Deck updated to Trex & patio roof (2009). Wood burning stove with a 3 wall Stacked Stone surround (2018). Kitchen features new Granite counters 2024 and all new appliances in 2021. 12k watt whole house generator 2022, (2) 2500 gal WT, 800g rain catchment. See complete features and updates in docs tab.

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36023 N 140th Street Scottsdale, AZ 85262

$699,900

4 Beds

3 Baths

2,446 SqFt

Status Active Under Contract

MLS # 6703944

Property Type Single Family Residence

Price Type --

** 45 day close with SHARED WELL** Amazing mountain views with the beautiful Arizona Sunrises and Sunsets! This home is nestled back in a quiet area, with great hiking & Biking. The Beautifully Designed and Solidly Constructed Durango Plan offers Dramatic Living and Entertaining Spaces, with a Functional, yet Elevated Layout. The Kitchen features Stainless Steel Appliances, White Shaker Style Cabinets with Soft Close Drawers and Doors, Quartz Countertops, Walk-in Pantry and an Oversized Island allowing for extra seating. Throughout the home you will find wood-like tile making it easy to clean, and allergy friendly. The Owner's Suite boasts a private exit to the back patio, walk-in closet and luxury master bath offering separate dual vanities, and a large walk-in glass shower

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